The Colorado Legislature has actually passed a bill looking to resolve a concerning uptick in catalytic converter thefts. The state House offered last approval to Senate Bill 9, which targets so-called automobile “chop shops” handling taken parts and product metals.
The law needs anybody who gets 5 or more vehicles for spare parts within a year to report within 5 days to the national vehicle title information system.
The bill consists of lorries obtained for “dismantling, wrecking, shredding, compacting, crushing, or otherwise destroying vehicles for reclaimable parts or scrap metals, including catalytic converters.”
According to the Colorado Theft Prevention Authority, thefts of catalytic converters which contain precious metals such as platinum increased 5,000 percent from 2019 to 2021.
The National Insurance Crime Bureau (N.I.C.B.) reports that catalytic converter thefts have actually increased substantially in the United States given that the start of the worldwide pandemic in March 2020.
Thefts Spiking In Colorado
“Vehicle thefts, carjackings, and break-ins are all crimes we’ve witnessed trending upward for several months. Now catalytic converter thefts are also on the rise,” according to N.I.C.B. president and CEO David Glawe in a statement.
“As the value of the precious metals contained within the catalytic converters continues to increase, so do the number of thefts of these devices. There is a clear connection between times of crisis, limited resources, and disruption of the supply chain that drives investors towards these precious metals.”
Platinum presently costs $951 per ounce on the spot market, according to the rare-earth elements site Kitco.com.
An ounce of Palladium, another product metal utilized in catalytic converters, chooses $2,014.
A catalytic converter transforms hazardous exhaust released by an engine into less hazardous gases. The leading 5 states for catalytic converter thefts consist of California, Texas, Minnesota, North Carolina, and Illinois.
A Nationwide Phenomenon
By February of 2021, 18 states were thinking about legislation to suppress thefts.
“Removing a catalytic converter takes only minutes using some basic, readily-available, battery-operated tools from a local hardware store,” Glawe said.
“And for the vehicle owner, it’s costly due to the loss of work, finding and paying for alternate transportation, and then paying anywhere from $1,000 to $3,000 to get your vehicle fixed.”
Existing law in Colorado needs scrap stores and salvage backyards to keep comprehensive records revealing all deals including product metals.
Senate Bill 9 broadens the scope of tasks of a task force to consist of catalytic converter and product metals theft.
Colorado’s Senate Bill 179 offers civil charges for catalytic converter thefts, consisting of fines of approximately $15,000.
Another bill, HB-1217, would need the Colorado State Patrol to establish an evaluation report to figure out compliance with product metal reporting requirements.
While insurance coverage does cover theft of catalytic converters sometimes, insurance policy holders are accountable for the deductible, the N.I.C.B. states.
The bureau advises lorry owners set up a catalytic converter anti-theft gadget, park automobiles in a garage or driveway, and set up movement sensing unit security lights.
“While lights may not provide complete security it may make some thieves think twice, making them leave the area and your vehicle untouched.”