(NEXSTAR) – After a few quiet years, there are warning signs that catalytic converter thieves are back on the job.
In Berkeley, California, a spree of catalytic converter thefts started out the new year. St. Paul, Minnesota has seen a similar trend in recent months. Cars in the Nashville suburbs are also being targeted for the precious metals the car parts contain.
In 2023, State Farm said claims for the catalytic converter theft had fallen from their peak in 2022. That year, the insurance company paid out 45,000 claims for theft of the car part. Two years later, it was down to around 7,600, according to a report by personal finance site MoneyGeek.
But now, conditions are rife for a rise in catalytic converter theft, MoneyGeek reports. The price of rhodium, a precious metal used in catalytic converters because of its resistance to corrosion and high temperatures, is making this type of crime more attractive.
The price of rhodium skyrocketed to over $12,000 per ounce at the end of February.
Catalytic converters also contain two other rare materials, platinum and palladium, both of which can sell for several thousands dollars per ounce.
“As the value of the precious metals contained within the catalytic converters continues to increase, so do the number of thefts of these devices,” David Glawe, the president and CEO of the NICB, previously told Nexstar.
At the height of the problems with catalytic converter theft, Toyota Priuses were the No. 1 target. Their catalytic converters contained more precious metals and tended to be less worn down than those in other cars, according to AAA.
Higher clearance vehicles, like pickup trucks, were also easy targets because the catalytic converters were easier to access under the vehicle.
Hybrids and pickups are still big targets, as are some mid-size sedans. The Honda Accord, which has a moderate ground clearance and high-value converter, ranks among the vehicles most commonly targeted, according to MoneyGeek.
Those concerned about catalytic converter theft can buy and install a shield on the piece of equipment, making it harder to steal quickly. Parking in a secure, well-lit area, or a garage also deters thieves.
Nexstar’s Michael Bartiromo contributed to this report.
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