Did you know that the precious metal Rhodium is more than 10 times more valuable than gold? It has increased from $650 an ounce in 2015 to $22,000 an ounce in 2021.
And did you know that Rhodium is found in every catalytic converter in America and every vehicle has a catalytic converter.
Almost every day one of our customers has had a catalytic converter stolen. And usually, we receive reports of several catalytic converters stolen daily. One of our insurance team members called it a “pandemic.”
A catalytic converter is easy to steal. It can be done in two minutes. A single person armed with only a hacksaw and a jack can slide under the vehicle and steal the catalytic converter in minutes. No jack is required for a van.
The thief ventures on to a social media platform like Facebook marketplace or even Craigslist and the catalytic converter is sold.
Meanwhile our customers have the hassle and inconvenience of getting a new catalytic converter and paying a deductible if they have insurance for theft. Additionally, the vehicle owner must be wary of the new catalytic converter being stolen. This has happened more than once.
What can you do?
- Park in a well-lit area.
- Park in a secure area; Locked garages are great. If the vehicle is parked where no one is around, consider moving somewhere else; Many buildings have been occupied less often during the pandemic. Maybe the vehicles need to be garaged at someone’s house.
- Use Anti-theft devices; You can calibrate your car alarm to set off when it detects vibration.
- Put your Vehicle Identification Number on the Catalytic Converter.
Understanding that your vehicle might be a target for catalytic converter theft is the first key to prevent it. Please take preventive measures to avoid the hassle and a $2,000 loss.