Chartered Commercial Insurance Broker, Heartland Midlands
Limited, has noted a significant increase in claims from clients
concerning the Theft of Catalytic Converters (CATs) from company
vehicles.
Across the country similar reports of these thefts are on the
rise.
This is all down to the precious metals inside. CATs contain
Platinum, Palladium or Rhodium which are involved in converting
exhaust gases into less harmful substances.
With the price of precious metals rocketing, a thief can make
anywhere between £50 and £150 for each catalytic
converter.
Commercial Vehicles are exceptionally vulnerable as they often
have larger clearances from the ground making the CAT easier to
access. They also have larger engines so the CATs are usually
bigger and therefore more valuable.
Commercial Fleets are also an attractive target as a thief can
hit multiple vehicles at the same time.
The cost to the victims of this type of theft can be
substantial. A typical CAT replacement can cost between £900
and £1,500 per vehicle. There is also the impact to trading
to consider whilst the vehicle is being repaired.
Whilst comprehensive motor insurance will cover the cost of the
repair, some policies impose an excess 'per vehicle'. They also
provide no cover for the 'loss of business' as a result of the
theft. (This type of cover maybe available under a company's
'business interruption policy' but it is worth checking the terms
and conditions of your policy)
So what can you do to help prevent these thefts?
• Store the vehicles in a garage where possible.
• Alternatively, park in well-lit busy areas.
• Look out for people working under cars.
• Consider a marking system. Many companies offer a kit
consisting of virtually indestructible stickers, metal marking
fluid and a window sticker (to warn thieves that the catalytic
converter carries an identification mark).
Heartland is offering a complimentary insurance 'checking
service' to any company concerned about their Motor Fleet policy.
Visit their website www.heartlandgroup.co.uk or call 01926 420
555.