Ohio Insurance Director Warns of Catalytic Converter Thefts

Ohio Department of Insurance Director Mary Jo Hudson has issued a warning about a recent rash of catalytic converter thefts in Columbus and is encouraging automobile owners to take steps to protect themselves from becoming victims. According to reports, thieves have been stealing catalytic converters and then selling them for scrap metal.

“Many times, thieves can steal these converters in less than a minute,” said Director Hudson. “They also do a lot of damage to the car when they do steal it. Taking a few precautionary measures may deter thieves from attempting to steal your catalytic converter.”

Officials have noted that catalytic converter theft is on the rise in many parts of the country, including Ohio. The converters contain precious metals such as palladium, platinum and rhodium. With these metals trading at record levels, converters have become a hot item for thieves, and can be sold for up to $200 per converter.

Replacing a catalytic converter is expensive. The cost can range from $200-$900 but the costs don’t end there. Repairing a damaged exhaust system, which is often necessary following a converter theft, can run over $2,000. By preventing catalytic converter theft, Ohioans will not only save themselves money, but also others in the form of lower insurance premiums.

Source: Ohio Department of Insurance

Topics Fraud Ohio