A critical part of most vehicles, the catalytic converter is located underneath the vehicle and contains precious metals like platinum, palladium, and rhodium, which make it a target for thieves. These valuable materials can be sold for a high price and with the converter’s relatively accessible location, theft is quick and lucrative.
A recent surge a few years back in catalytic converter thefts has begun to diminish but should remain a concern for car owners in certain states or cities, as replacing this part can be both costly and time-consuming. Let’s dive into more detail so you’re informed.
A catalytic converter is a critical component of your car's exhaust system, designed to reduce harmful emissions by converting toxic gases into less harmful ones. Located in the easy to access undercarriage of the vehicle, its sole function is to transform toxic gasses and fumes from engine emissions into less-toxic pollutants through a chemical reaction. This emissions purifier helps reduce your vehicle’s negative environmental impact and improves your overall fuel efficiency.
Catalytic converters contain precious metals such as platinum, rhodium and palladium, all of which aid in the catalysis process. This process is the chemical reaction that takes place when these metals react with harmful exhaust gasses like nitrogen oxide and carbon monoxide converting them into inert gasses that are less harmful for people and the environment. However, these devices are not stolen for their function, they are stolen because these same metals that are pivotal to the chemical reactions are extremely valuable.
At this point in time, according to the Money Metals Exchange, palladium costs around $900 per ounce and platinum is close at $940 per ounce. Rhodium, a rare and valuable metal, costs over $4,600 per ounce, though it peaked at a whopping $29,000 in 2021.For perspective, most converters contain three to seven grams, each, of platinum and palladium and one to two grams of rhodium. This might not seem like a lot, but it adds up quickly when they are scrapped and processed to remove the precious metals.
Not only is a catalytic converter a high-dollar item, but its position on the underside of the car also makes it an easy target. A few battery-powered tools or, in some cases, even just hand tools are all that are needed to extract them from your car. Vehicles that are higher off the ground or parked in a public lot overnight provide the easiest access for thieves. Vehicles like the Toyota Prius are also popular among thieves because they house two separate converters.
According to the National Insurance Crime Bureau (NICB), roughly 28,000 catalytic converter thefts were reported in 2023. This number is down from the whopping 64,700 that were stolen in 2022. Texas and California shared the honor of states with the most thefts in 2022 and California continued to dominate as a theft leader in 2023 by accounting for over half of all thefts that took place that year. As of July 30th, 2024, the state of New York alone has reported 1,100 thefts.
States like California, Texas, New York and Indiana have pushed back against theft by passing laws that require scrap metal dealers to get documentation related to the source vehicle before purchasing a converter from someone. Though these states have pushed for criminal deterrents, there are things that you can do to make it more difficult for a thief to steal your catalytic converter.
Replacing a stolen catalytic converter is not a cheap task. Installing a new one can cost anywhere from $1,500-$3,000. These tips will help you avoid an exorbitant repair bill and deter potential thieves.
If your catalytic converter has been stolen, there will be signs. Some are more obvious than others, so it is important to be vigilant.
If you discover that your converter has been stolen, contact law enforcement and your insurance company to notify them. You will also want to stop in at a body repair shop to get a repair quote. It is important to note, especially if you drive an older vehicle with minimal coverage, that your converter theft will not be covered by your insurance provider if you do not have comprehensive insurance.
If your vehicle is leased or has a loan associated with it, comprehensive is typically required, however, you may not want to risk a higher premium if you have a higher deductible than the total replacement cost. Regardless of how you resolve the repair, report the theft to the appropriate authorities so that it can be included in statistics that could lead to better policies and legislation that make it more challenging for thieves to sell stolen goods.
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