What George Floyd's death means for catalytic converter thefts

George Floyd was killed by police on May 25, 2020. Since then, theft of catalytic converters in the U.S. have increase more than 10x.

Catalytic converter theft claims.

Data according to State Farm, the largest car insurance company in the U.S.

July 1, 2021 - June 30, 2022: >43,219.
July 1, 2020 - June 30, 2021: >20,600.

For the 1st half of 2022, >23,000.

For the 2021-2022, these are the top 3 largest states.

1. California 10,577.
2. Texas 5867.
3. Illinois 3299.

According to the NICB report, total claims was filed.

2020: 14,433 (the year George Floyd was killed by police).
2019: 3,389.
2018: 1,298.

2022 data by car brands.

In a recent study, Carfax estimates that as many as 153,000 vehicles may have had the part stolen in 2022. Top 10 according to CarScoops.com.

1. Ford F-Series.
2. Honda Accord.
3. Toyota Prius.
4. Honda CR-V.
5. Ford Explorer.
6. Ford Econoline.
7. Chevrolet Equinox.
8. Chevrolet Silverado.
9. Toyota Tacoma.
10. Chevrolet Cruz.

Since Ford F-Series is America's best-selling vehicle, its height also makes it an easier target, since thieves can more easily crawl under it and access the part. 2 picks in the top 10 are the Chevrolet Silverado and Toyota Tacoma. Toyota Prius is also a hybrid, which requires more precious metals than gasoline cars, due to the temperature being much cooler.

Did price increase of precious metals cause catalytic converter thefts to increase?

Price of rhodium hit peak in April 2021, hitting $28,000 per troy oz. It was at $15,000 in Nov. 2020 and Sept. 2021. At the time George Floyd was killed, was around $8,000. Some people think the Russia invasion of the Ukraine caused palladium pricing to go up. If you look at the charts, it went up for about a week (till Feb. 28, 2022), and has been dropping since. Palladium prices, however, are the best bet for precious metals independent of George Floyd. It's been going up starting in spring 2017. From $900 in Aug. 2018, it eventually hit $1500 in July 2019, $2000 in Jan. 2020, to eventually hitting $2900 in May 2021. Rhodium and platinum however, play minor roles in catalytic converters of gasoline cars.

Since rhodium and palladium prices are both dramatically dropping in 2023, it will be interesting to see if catalytic converter thefts drop along with it.

In any event, the increased theft of catalytic converters, can just be a result of any increased wealth gaps between the rich and the poor, which could happen as late as the 1980s during Reagan's administration and the economic people he appointed. Policies that Republicans could have caused more than Democrats, shutting down of welfare systems, etc. These are more examples of (and can be inefficient) checks and balances.

Car thefts of Kias and Hyundais.

According to the Highway Loss Data Institute (HLDI), which tracks auto thefts using insurance claims, indicates thefts of Hyundai and Kia models were up more than 1,000% in the first half of 2023 compared to the first half of 2020. Prior to 2020, Hyundai and Kia vehicles were stolen at around the same rate as other makes, but theft claims for the South Korean vehicles were 7x higher than other makes in the 1st half of 2023. Major insurers State Farm and Progressive announced in Jan. 2023 they would no longer cover some Kia and Hyundai models manufactured between 2015-2019 due to the thefts. Vehicle thefts surged across the board during the pandemic, but Hyundais and Kias became easy targets for criminals after a challenge posted on TikTok and other social media platforms in 2021 revealed several models from the sister brands built from 2011 to 2021 did not have immobilizers to prevent them from being started without a key present.

Mobile payment robberies as reported by the Chicago Police Department:

2021: 110
2022: 171
2023: 271

Carjackings in Chicago: