(KMID/KPEJ)- State Farm claim data shows a dramatic drop in catalytic converter theft claims for the first half of this year compared to last year. This is good news in a story that first gained traction when claims data from insurance agencies across the nation indicated a significant increase in catalytic converter thefts over the last several years.
State Farm’s most recent data, from January 1 to June 30, 2023, shows a decline in thefts for the first time since 2019. There were around 14,500 claims in the first half of this year, down from the same time last year when State Farm received more than 23,000 catalytic converter theft claims. Here’s a look at the numbers:
First half of 2023:
14,500 claims, totaling approximately $41.7 million paid to customers to repair vehicles and replace the stolen part with an average claim mayment of $2,900.
For national comparison:
2020: 10k claims totaling $20.9M with an average of $2,100 paid for each claim
2021: 32k claims totaling $73.7M with an average of $2,300 paid per claim
2022: 45k claims totaling $115.4M, an average of $2,500 paid per claim
2023 (first half of the year only): 14,500 claims totaling $41.7M, with an average of $2,900 paid for each claim
2020: 528 claims totaling $1.4M with an average payment of $2700 per claim
2021: 3,700 claims totaling $10.6M with an average claim payment of $2,800
2022: 6,300 claims totaling $2.0.1M, averaging $3,200 per claim
2023: 1,275 claims totaling $4.8M, with an average payment of $3,700 per claim through the first six months of the year.
Even though thefts were down in Texas for the first six months of 2023, the amount paid out for each claim rose significantly. Texas saw the second highest number of catalytic converter thefts through the first half of the year, behind California.
State Farm agents are asking drivers to continue following these tips to prevent theft:
- Park inside a garage or in well-lit areas
- Install a sensitive alarm system
- Have a security camera pointing at your car in its usual parking spot
- Engrave your VIN on your car’s catalytic converter
- To protect yourself, speak with your insurance agent to make sure that your auto insurance policy covers the theft of your entire vehicle or its parts, through comprehensive coverage