Catalytic converter theft
Catalytic converter theft is an ongoing issue across Canada and the United States, a situation prompted by the drastic increase in the value of the precious metals that are found inside them.
Catalytic converters are the exhaust emission control devices typically located underneath the car. Usually placed as close to the engine as possible, they help convert the toxic gases and pollutants in exhaust gas into less-toxic pollutants. These critical parts of a vehicle’s emission system can be high in value when resold as they contain rare metals and are relatively easy to remove from a vehicle that isn’t parked in a secure location.
One insurer recently reported that they have been receiving an average of 150 catalytic converter theft-related insurance claims monthly since 2021, peaking in April 2022, when claims related to the theft of the auto part went over 300.
Catalytic converter replacement isn’t cheap. For most vehicles, the average cost of a catalytic converter repair is between $945 and $2475 including parts and labor. The catalytic converter cost itself can be up to $2250 of that. That might be close to your car’s value or more!
Does insurance cover catalytic converter theft?
Is a stolen catalytic converter covered by insurance? If you have comprehensive coverage on your auto insurance policy, then you’re typically covered against catalytic converter theft. Comprehensive coverage will typically pay to replace the stolen catalytic converter and repair any related damage from its removal.
There are some things you can do to try and combat the problem – the easiest being to park your vehicle in your garage if at all possible. Not everybody can park in their garage, or may not have a garage. In that case, the next best thing would be to park in a well-lit area. Thieves obviously need to get under the vehicle to reach the catalytic convertor, so anything that makes them more likely to be spotted might help.
What cars are most targeted for catalytic converter theft?
By referencing their partner repair shops, CARFAX found that these vehicles that are the most targeted for catalytic converter theft: 1990-2022 Ford Econoline vans; 1999-2021 Chevrolet Silverado pickup trucks; 2005-21 Chevrolet Equinox; 1997-2020 Honda CR-V; 1987-2019 Toyota Camry; 2011-17 Chrysler 200 and 2001-21 Toyota Prius.
Another source suggested the five most common vehicles targeted in their region included the Hyundai Tucson, Honda CR-V, Hyundai Santa Fe, Kia Sportage and the Mitsubishi RVR.
While the make and model of the most common targets varies by region, assume any vehicle can be targeted if the thief thinks it’s an easy mark.
Not sure if you have the appropriate coverage for your vehicle? The brokers and CSRs at DPM Insurance Group are here to help. Call the office nearest you for a free, no-obligation policy review. Click here to find the office that best suits your needs: https://dpmins.com/locations/
Sources: Insurance Business Mag & Global News