There is a new target for auto thieves and it can cost you thousands of dollars without your car even being stolen. What is the new hot item to steal? Catalytic Converters. A catalytic converter is used to reduce the toxicity emissions from your motor. Why are these hot items? First, they contain three precious metals: platinum, rhodium, and palladium. As of October 2008, platinum was selling for $1,019 per ounce. This is a nice payday for a thief who can crawl under a car undetected and steal the device in less than two minutes. The thieves then sell the converters to recyclers for $20 - $200 per converter depending on the type and amount of metal used.

Thieves are targeting victims by staking out large parking lots and working in teams. The thieves are able to slip under vehicles and cut out the converters with battery operated tools in a matter of minutes. Targeted vehicles are usually trucks or SUVs since they are easy to crawl under. The average insurance claim for this type of theft ranges between $2,500 - $3,500 per vehicle. Consumers can protect themselves from this type of theft by parking in well lit areas with a lot of pedestrian traffic.