Boswell, aftermarket insurance specialist, advice on protecting your fleet from the rise in catalytic converter theft…
An increase in the price of precious metals, plus a struggling economy, has meant a massive rise in the number of catalytic converter thefts.
Those in the industry are aware that catalytic converters contain precious metals such as platinum, palladium, rhodium and even gold. Using a cordless saw, thieves are easily able to cut through the converter and detach it, a process that takes seconds rather than minutes. Repair bills for medium to larger vehicles regularly rcoun into thousands of pounds.
Locations where there is little human presence overnight tend to be where the main thefts occur, such as industrial estates, car parks and forecourts. Targeted vehicles often include those with a higher ground clearance. Mercedes Sprinter models are a popular choice but fortunately these vehicles are a relatively rare sight on an aftermarket delivery fleet. Recent information indicates that organised gangs are targeting motor traders in particular.
Boswell Director, Ashley Minors explains: “The rise in insurance claims over catalytic converters has been remarkable. What’s frustrating for our clients is that in addition to the inconvenience a theft can cause, vehicles often play a key role in the running of the business. Delivery vehicles off the road generally results in lost revenue and a reduction in the number deliveries clients are able to offer their customers. Another direct cost is the increased insurance premiums that customers face when making claims for the often costly repairs. Thieves also cause a disproportionate amount of damage compared to the financial benefit gained; the parts generally have scrap value of £40-£60 but the repairs for many vehicles will exceed £1,800”
The good news is that there are things you can do to protect your vehicles. The solutions will certainly make your fleet less attractive to thieves and can deter them, meaning they may approach a softer target. Here are some of the options:
• Store vehicles within a unit or locked building overnight wherever possible
• Let drivers take the vehicles home so they are stored in less vulnerable locations
• Install security deterrents such as perimeter fencing, security lighting and CCTV
• Consider an alarm system for external compounds
• Obstruct access with defensive parking – use low clearance vehicles to protect access to high clearance vehicles, or park vehicles closely together
• Mark your catalytic converters with a unique serial number and use window stickers to show the vehicle is protected
• If your vehicles have ‘bolt on’ converters, have them welded shut
• Fit catalytic converter anti-theft devices
As Ashley comments: “Maintaining insurance premium levels is no longer just about avoiding accidents occurring on the road. Proactive steps should be taken to protect your vehicles at all times and minimise the risk of a claim occurring. Doing so will reduce the financial impact and inconvenience caused to your business.
We always recommend you choose an insurance broker that understands the Aftermarket because they will recognise the specific challenges you face and develop risk management solutions that are appropriate for your business. The theft of catalytic converters has become a growing problem for our clients so we have worked with a number of suppliers to provide risk management initiatives to assist our clients in being less vulnerable”.
If you would like advice regarding insurance risk management, or wish to discuss anything insurance related, please contact Ashley Minors, Boswell Aftermarket on 01603 727650 or e-mail ashley.minors@boswell-insurance.co.uk