Catalytic converter thefts have decreased 74% in the first half of 2024 compared to the same time period in 2023, as evidenced by State Farm auto claims.
The drop is a continuation of the declining trend in catalytic converter thefts, a notable shift from the previous escalation observed over several years.
In the period from January to June 2024, State Farm processed just over 3,800 claims for stolen catalytic converters – down from 14,800 claims filed during the same period in 2023.
The average claim cost remained steady at nearly $2,900, similar to last year, but State Farm’s total payout decreased to approximately $11.2 million due to fewer incidents.
The peak year of 2022 saw 45,000 claims filed, costing State Farm $115.4 million.
The number of theft claims across various states also decreased. Over the first six months of 2024, California, led with more than 2,000 claims, but saw a reduction from 5,400 in 2023. Similarly, substantial declines were observed in Illinois, New York, Texas and other states.
State Farm emphasized the importance of continued vigilance to maintain this downward trend, recommending parking in well-lit areas or garages, installing sensitive alarms, using security cameras, and engraving vehicle identification numbers (VIN) on catalytic converters to deter theft.
The insurance leader also reminded drivers to ensure their auto policies include comprehensive coverage that protects against both vehicle and part thefts.
