GEICO Announces the next generation of theft: catalytic converters

WASHINGTON--(BUSINESS WIRE)--When you hear the words ‘catalytic converter’ you may not be thinking about precious metals and seeing dollar signs, but over the past few years, stolen catalytic converters have become increasingly popular with thieves. Sport Utility Vehicles (SUVs) and trucks (especially ones that sit higher off the ground) are particularly easy targets for this form of theft.

“The best thing consumers can do to prevent this type of theft is to be aware”

Thieves use cordless saws and can cut off the catalytic converter within seconds. The next stop is a recycling center where they can turn them in for an average of $200 each. Police report that most thefts are drug-related. Containing small amounts of platinum, palladium and rhodium, these metals have lucrative street value because they’re used as a filtering agent in methamphetamine labs.

“The difficulty with this kind of theft is that it takes only a few seconds to commit,” said Steve Rutzebeck, director of GEICO’s special investigations unit. “This type of theft is becoming increasingly more frequent, but there are a few simple tips you can follow to help minimize your chances of being a victim.”

Follow these simple tips to help prevent your vehicle from being a target:

• Park in busy, well-lit areas; thieves prefer to work in the dark where passersby may not notice them.
• Park so your vehicle is observable to passing traffic.
• In malls, shopping centers or business parking lots, park as close as you can to main entrances.
• If leaving your vehicle in an industrial area, ensure the vehicle is secured in a fenced in or guarded lot.

How do you know if your car’s catalytic converter has been stolen? If you start the car and hear an especially loud rumbling (like a jet engine), there’s a good chance that yours was stolen.

“The best thing consumers can do to prevent this type of theft is to be aware,” said Rutzebeck. “Knowing your surroundings and taking a few precautions is the first step towards preventing a loss like this.”

About GEICO

GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the third-largest private passenger auto insurer in the United States. GEICO provides auto insurance coverage for 9 million policyholders and insures more than 16 million vehicles.

In addition to auto insurance, GEICO offers customers insurance products for their motorcycles, all-terrain vehicles (ATVs), and mobile homes. Coverage for life, boats, homes and apartments is available through the GEICO Insurance Agency. Commercial auto insurance and personal umbrella protection are also available.

As a member of the Berkshire Hathaway group of companies, GEICO is rated A++ for financial strength by A.M. Best Company and ranks at the top of several national customer satisfaction surveys. For more information, go to http://www.geico.com.