State Farm says the COVID-19 pandemic-era surge in thefts of catalytic converters is only getting worse, pointing to startling data showing how much the skyrocketing crime has cost the company already this year.
The largest U.S. property and casualty insurance company by premiums written told FOX Business that in the first half of 2022 it has already paid out $50 million for 23,570 catalytic converter theft claims nationally. That means the number of thefts of the pricey auto part across the country is already on track to surpass the company’s payout of $62.5 million to replace 32,265 catalytic converters lifted from customers’ vehicles last year.
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