Do you know what this is?
If you guessed CATALYTIC CONVERTER, you are correct!
According to a report by the National Insurance Crime Bureau (NICB), the increase in catalytic converter thefts has been dramatic.
- 2018, there were 1,298 catalytic converter thefts for which a claim was filed
- 2019, it was 3,389 thefts with a claim
- 2020, catalytic converter theft claims jumped massively to 14,433, a 325% increase in a single year.
- Though not a reporting of all catalytic converter thefts, it did provide a look at the trends of catalytic converter thefts.
What is a CATALYTIC CONVERTER and why are they being stolen?
- device that looks like a small muffler along the exhaust system
- designed to convert the environmentally hazardous exhaust emitted by the engine and convert them into less harmful gasses
- in order to do this, it is made with the metals platinum, palladium, or rhodium
- the values of these precious metals have skyrocketed
- as of December 2020
- rhodium was valued at $14,500 per ounce
- palladium at $2,336 per ounce
- platinum going for $1,061 per ounce
- typically, recyclers will pay $50 to $250 per catalytic converter.
To reduce the chance of having your catalytic converter stolen, the NICB and Lower Moreland PD recommend the following: