Virtually all vehicles with internal combustion engines have catalytic converters, which are intended to reduce 90% or more of harmful greenhouse gases emitted from an exhaust system. Converters offer tremendous benefits to the environment, as well as to the growing number of criminals who steal them.
According to one major U.S. car insurer’s claims data, catalytic converter theft increased by nearly 300% between July 1, 2020 and June 30, 2021. During those 12 months, almost $34 million was paid to company policyholders to settle claims. The previous year’s payout was less than $9 million.