After several years of sharply rising catalytic converter thefts, State Farm said this year may break the trend. Through the first half of the year, the Bloomington-based insurance giant said thefts are down 37% nationwide and in Illinois.
Last year, State Farm paid out more than $8 million to Illinois policy holders for converter thefts.
- 2019: 480 claims; $651,000 paid
- 2020: 740 claims; $1.1M paid
- 2021: 1,985 claims; $3.1M paid
- 2022: 3,880 claims; $8.3M paid
- In the first 6 months of 2023: 1,300 claims; $2.9M paid
Illinois ranked third among the top five states for such thefts, behind California and Texas and ahead of Colorado and New York. Nationwide last year, State Farm paid more than $115 million on 45,000 claims.
Catalytic converters are an air quality device on automobiles that reduces emissions. The converters contain expensive metals that can be recycled by thieves and dishonest parts buyers. Many states, including Illinois, have passed legislation in recent years to track salvage yard purchases and sales of converters to prevent thefts.
Among other precautions, State Farm encouraged people to park in a garage or well-lit area, install sensitive alarms, and have a security camera pointing at your car in its usual parking spot.
State Farm's January-to-June data this year show a decline in thefts for the first time since 2019.
There were around 14,500 claims during the first half of this year, down from the same time last year when State Farm received more than 23,000 catalytic converter theft claims. The average claim in the first half of the year was nearly $2,900.
