Insurance giant State Farm says claims over the theft of catalytic converters are down significantly this year after skyrocketing in 2022. 

The company released fresh data this week showing there were around 14,500 claims linked to criminals stealing the pricey auto part off customers' vehicles in the first half of 2023, a dramatic drop from the 23,570 swiped during the same period last year.

The difference will save State Farm millions of dollars. In the first six months of 2022, the company paid $50 million in catalytic converter theft claims, and this year that amount is down to $41.7 million.

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It is the first time catalytic converter claims have fallen at State Farm since 2019, before thefts of the parts began to skyrocket. There were only 2,500 claims that year, then 10,000 in 2020; 32,000 in 2021; and 45,000 in 2022.

Catalytic converters are highly sought out by thieves who are able to remove them from underneath a vehicle in a matter of minutes and sell them for hundreds of dollars due to the precious metals they contain. 

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State Farm attributes the decline in thefts of the parts so far this year to several factors, including media coverage informing consumers of the risk and ways to protect themselves, more legislation introduced in states with stiffer penalties for those convicted of stealing them, and the declining of metal prices, making them less valuable for thieves.

In order to prevent theft, State Farm encourages drivers to park inside a garage or well-lit area, to install a sensitive alarm system in their vehicle, and to have a security camera pointed at a vehicle's usual parking spot.

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The company also recommends consumers engrave their vehicle's VIN number on the catalytic converter.