There’s a little-known part on the underside of your car that is worth thousands of dollars on the black market, and thieves have been stealing them in record numbers this year. Now, insurance companies warn, they’ve been targeting one specific car more than any other – the 2004-2009 Toyota Prius.
The Highway Loss Data Institute (HLDI) – an organization sponsored by a group of insurance companies that researches trends in car insurance losses – reports that “theft claim frequency for 2004-09 Prius models was more than 40 times higher in 2020 than in 2016.”
What is a Catalytic Converter?
These aren’t thefts of entire cars, we should note. Rather, they’re thefts of components. HLDI’s data doesn’t specify which parts were stolen, the group notes. But the dollar value of the typical claim provides some clues. For the high-theft years of 2019–20, there was a spike in claims in the $2,501 to $3,000 range, HLDI notes. In other words, “about the amount needed to replace the catalytic converter and exhaust system,” minus a typical deductible.
There are other car parts worth that dollar value. But not many as easy to steal as a catalytic converter.
A catalytic converter is a toaster-sized device in the exhaust system of a gasoline-powered or hybrid car. It sends hot exhaust gasses through a honeycomb of rare metals, such as platinum and rhodium, that help filter out pollutants before releasing exhaust gases into the air.
Prices for the rare metals used in catalytic converters have spiked in recent years, leading to a black market in the devices.
Thieves don’t need to steal an entire car to steal a converter. They can remove a catalytic converter in just minutes by sliding under the car with a battery-powered reciprocating saw.
Why the Prius above other cars?
Hybrids require catalytic converters with a higher concentration of precious metals than those found on gasoline-only cars. The HLDI notes that the converter from a 2007 Prius is selling for about $1,022 today, compared to just $143 for the converter used a Ford F-150 from the same year.
Newer Prius models use a different converter design, which doesn’t fetch so high a price.
How to Protect Yourself
If you’re worried about protecting your catalytic converter, the best step you can take is to park indoors.
If that’s not an option, law enforcement sources recommend parking in well-lighted areas and perhaps installing a security camera. Many auto parts stores sell devices designed to make removing a converter take too long to be worth the risk, but we’re aware of no studies that examine whether these devices deter theft.
Related: Catalytic Converter Theft: Tips to Keeping Your Car Safe
