Allstate reports huge spike in catalytic converter replacements
Allstate reports huge spike in catalytic converter replacements | Insurance Business America
Insurance News
Allstate reports huge spike in catalytic converter replacements
Insurance giant calls for vigilance
Insurance News
By
Mika Pangilinan
Allstate has released data showing an alarming surge in catalytic converter replacements among its customers, with figures showing a nationwide increase of 1,155% between 2019 and 2022.
In parallel with Allstate’s findings, the National Insurance Crime Bureau has also reported a 1,215% spike in catalytic converter thefts across the country during the same period.
This revelation emphasizes the gravity of the issue and suggests that the problem exists far beyond Allstate’s customer base, the insurance giant said in a release.
Allstate’s data also reveals a wide disparity in replacement rates across various states. Oregon and Washington in the Pacific Northwest experienced a surge of over 7,000%, while Pennsylvania, Connecticut, and New York on the East Coast witnessed increases ranging from 4,500% to 7,000%.
Rank
State
Increase
1
Oregon
+7,200%
2
Washington
+7,150%
3
Pennsylvania
+6,950%
4
Connecticut
+6,400%
5
New York
+4,583%
6
Missouri
+4,000%
7
Colorado
+3,300%
8
Tennessee
+3,100%
9
New Jersey
+2,767%
10
Nevada
+2,700%
11
Texas
+2,217%
12
Arizona
+2,200%
“Catalytic converter thefts exploded during the pandemic,” says Craig Edmonds, Allstate’s vice president of auto physical damage claims. “Supply chain disruptions raised the value of these parts. And because they’re relatively easy to steal, theft rings have pounced, creating a multimillion-dollar black market enterprise. Fortunately, there are ways to protect yourself from becoming a victim.”
Recognizing the severity of the issue, Allstate has aligned itself with the National Association of Mutual Insurance Companies (NAMIC) in advocating for legislation aimed at curbing catalytic converter thefts. These legislative efforts focus on restricting the resale of stolen parts and imposing harsher penalties on thieves.
Allstate calls for vigilance
To mitigate the financial impact of such thefts, Allstate has called on individuals to carefully review their insurance coverage.
“Without comprehensive coverage, you could end up paying thousands of dollars in parts and repairs if your catalytic converter is stolen,” said Edmonds.
Moreover, Allstate recommended several preventative measures to help car owners safeguard their vehicles and minimize the risk of catalytic converter theft. These include parking in well-lit areas close to building entrances, utilizing secure garages whenever possible, and employing alarm systems as deterrents.
Additionally, car owners are advised to explore options such as installing steel plates or cabled coverings on their catalytic converters to prevent theft, painting the component with a conspicuous color, or even marking it with their vehicle identification number (VIN).
What are your thoughts on this story? Feel free to comment below.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
