Theft claims of older models of this car have skyrocketed, according to new data.
The innocuous Toyota TM, -0.38% Prius hybrid is a prime target for thieves. They’re not after a high-speed joy ride, however. They’re after the precious metals contained in the small car’s catalytic converter.
According to data analyzed by the Insurance Institute for Highway Safety released in November, theft claims have skyrocketed for 2004-2009 Prius models. In 2016, owners claimed just 1.4 thefts per 1,000 insured vehicles. Last year, it was a staggering 58.1 claims per 1,000 vehicles filed with insurers.
Also see: Should you monitor your teen’s driving? Here are some safety features and apps that can help Thieves are after the precious metals housed in the catalytic converter, an essential part of the exhaust system that reduces noxious gas emissions through the tailpipe. The catalytic converter used in 2004 through 2009 Prius models is particularly valuable, commanding $1,022 on average in scrap value compared to less than half that for a 2010 through 2015 Prius.
The IIHS notes that would-be thieves typically find it fairly easy to sell catalytic converters to recyclers. While some states may require a driver’s license to drop one off with a recycler, the Vehicle Identification Number is not stamped on a catalytic converter. As a result, there is no easy way to prove if one has been stolen when dropped off at a recycler.
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