Geico Says Catalytic Converters Are Next Generation of Auto Theft
Auto insurer Geico is warning vehicle owners about the latest trend in vehicle theft: Catalytic converters. According to the company, it is becoming more common for thieves to steal this part from a vehicle because it is made of precious metal that is valuable on the black market.
Catalytic Converter Theft Increases for SUVs and Trucks
In its announcement, Geico explained the catalytic converter has become a valuable commodity on the black market because it contains small amounts of platinum, palladium and rhodium, aiding in its use as a filtering agent in methamphetamine labs.
On the streets, a stolen catalytic converter can easily sell for $200 and thieves are making a stronger effort than ever to take them. SUVs and trucks, in particular, are easy targets because they sit higher off the ground.
How to Protect Your Vehicle from Catalytic Converter Theft
Because thieves can easily saw and cut out the catalytic converter in seconds, Geico is pushing for drivers to take added steps to protect their vehicles. Here are some tips that the insurer provided:
- Park in well-lit, busy areas to deter thieves since most would prefer to work in the dark.
- Park your vehicle so that it is observable to passing traffic.
- Park as close as possible to main entrances when visiting malls, shopping centers or business parking lots.
- Park on a guarded or fenced-in lot when leaving your vehicle in an industrial area.
Also, keep in mind that you could protect your vehicle financially by adding comprehensive coverage to your auto insurance policy. While this type of coverage costs more, it protects your catalytic converters, rims, airbags and more.
You’ll know if your catalytic converter has been stolen by a loud rumbling that sounds like a jet engine. To prevent this from happening, now’s the time to take extra steps to make sure you don’t become the latest victim of this popular crime.