While they may have spiked during the pandemic, new data shows that the wave of catalytic converter thefts that peaked during the pandemic has washed away.
Claims data from the National Insurance Crime Bureau shows that the average number of catalytic converters stolen each month is down from when it peaked in 2022 through the first nine months of 2023.
More data from State Farm appeared to show similar information, reporting that in the first half of this year, there were 14,500 catalytic converter theft claims nationwide, compared to 23,000 for the same time last year.
Even though there were fewer thefts in the first months of this year, State Farm shared that the claims totaled nearly $41.7 million in claims paid.
A catalytic converter is an anti-pollution part that is installed under every care and is made of platinum, palladium, and rhodium. The value of the metals spiked from 2020 to 2022, which lawmakers said resulted in an increase in thefts.
Politicians addressed the spike in prices, which saw an ounce of rhodium jump from $3,000 in 2019 to almost $26,000 two years later. Rep. Jim Baird (R-IN) shared with NBC News that “as the price of those metals go up, [thieves] are more interested in them.”
However, this year, the price of metals has fallen, bringing the number of catalytic converter thefts with it. At the same time, law enforcement efforts and new laws have made the risk not worth the theft.
In November 2022, the Justice Department announced a bust of a $545 million national crime ring focused on stealing catalytic converters. The bust included the efforts of agents with the FBI, IRS, and Homeland Security in 10 states across the country.
So far this year, the NICB has reported that 21 states enacted laws with the purpose of combating thefts. Another 19 states have introduced similar legislation.
In January, Baird introduced a bill that would require converters to be stamped with an ID number and codify thefts as a criminal offense.