The rising price of platinum has lead to van parts - such as catalytic convertors - becoming a target for thieves across the UK. Catalytic convertors can currently be sold as scrap for around £150; however, the price of scrap metal is expected to rise further in the next six months, with some experts predicting that platinum could reach its highest price since 2008. Police believe that the rising price of scrap metal could lead to a further increase in the number of thefts of van parts, echoing the thieving spree of 2008 when the price of scrap metal was at its highest.
Some of the areas worst affected by this crime include Southampton and Guildford; police warn that over £35,000 worth of parts have been taken by thieves from vehicles in Southampton. Drivers are being warned that criminals often target vans because they are higher off the ground and therefore easier to get under, giving better access to valuable parts such as the catalytic convertor.
The rise in the theft of van parts has lead to an increase in people claiming on their van insurance. For van owners, it can cost over £1,000 to replace a stolen catalytic converter. If these thefts do continue to increase, it may continue push up the cost of insurance for van owners. If you see the price of your van insurance rising, make sure you do not accept the first quote that you receive. Instead, get in touch with Van Compare; we compare van insurance quotes offered by leading van insurers to help you find the cheapest van insurance quote.
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