BLOOMINGTON, Ill. (WMBD) — State Farm has some good news for auto policy holders. Catalytic converters theft claims have dramatically dropped compared to last year. This is the first decline since 2019.
In 2022, State Farm paid out $8.3 million in Illinois for 3,880 claims. Illinois ranked third in the nation for the first half of 2023 with 1,300 claims and $2.9 million in payouts.
Spokesperson Heather Paul said policyholders taking actions to lower their risk of theft and the legislation have helped with the significant decrease.
“The good news is while we are seeing a decrease, the bad news is it’s still way higher than it should be,” Paul said. “So, it doesn’t mean you should rest easy. It just means that we are starting to see positive signs that this issue is addressed.”
Paul said catalytic converter theft falls under a comprehensive policy.
“Knowing what is covered under your policy will help you in the event should you experience a theft you could hopefully receive payment so that you can get a new catalytic converter,” said Paul.
Below are the numbers from State Farm:
Claims data from the first half of 2023:
- 14,500 claims, totaling approximately $41.7 million paid to customers to repair cars and replace the stolen part
- The average claim in the first half of 2023 is nearly $2,900
Top 10 states (first half 2023):
- California with over 5,400 claims and $17.8M paid
- Texas with 1,450 claims and $5.1M paid
- Illinois with nearly 1,300 claims and a cost of $2.9M paid
- Colorado with nearly 670 claims at $2.0M paid
- New York with over 500 claims and $1.5M paid
- Pennsylvania with over 480 claims and $1.1M paid
- Georgia with 410 claims and $898K paid
- Minnesota with 400 claims and $934K paid
- Florida with 330 claims and $896K paid
- Washington with 320 claims and $773K paid
State Farm catalytic converter theft claims nationally:
- 2019: 2.5k claims, $4.7M, $1,900 avg claim
- 2020: 10k claims, $20.9M, $2,100 avg claim
- 2021: 32k claims, $73.7M, $2,300 avg claim
- 2022: 45k claims, $115.4M, $2,500 avg claim
- 2023: 14.5k claims, $41.7M, $2,900 avg claim (first half of 2023 only)
State Farm catalytic converter theft claims in Illinois:
- In 2019: 480 claims; $651,000 paid
- In 2020: 740 claims; $1.1M paid
- In 2021: 1,985 claims; $3.1M paid
- In 2022: 3,880 claims; $8.3M paid
- In the first 6 months of 2023 (Jan – June 2023): 1,300 claims; $2.9M paid
State Farm also has tips to help lower the risk of theft.
- Park inside a garage or in well-lit areas.
- Install a sensitive alarm system.
- Have a security camera pointing at your car in its usual parking spot.
- Engrave your VIN on your car’s catalytic converter.