Unfortunately, this problem continues to grow. The above article focused on protecting your own vehicles. However, the non-owned customer vehicles in your possession are also a target. We are experiencing increased claim activity of catalytic converter thefts from non-owned vehicles in your possession.
The following video shows how quickly thieves can remove a catalytic converter.
Because there are two potential insurance remedies to these claims; the vehicle owner’s policy and the tower’s Garagekeeper’s policy, it is vital to understand your policy’s coverage and your responsibility. If you are taking possession of other’s vehicles or property, you need Garagekeeper’s coverage. Garagekeeper’s insures the non-owned property in your care, custody, or control. There are two key components to the coverage:Legal Liability - This covers any damage to a customer's property from your negligence
Direct Primary - This covers damage to a customer's property, regardless of who is liable.
With these points in mind and in the context of increasing catalytic converter thefts, it is essential that you take reasonable measures to protect non-owned vehicles in your possession. Reasonable measures include keeping the non-owned vehicles in your fenced yard, in a garage, or another reasonably protected area. By taking reasonable precautions to protect the non-owned vehicle, you significantly reduce the risk of your Garagekeeper’s policy having to respond for the converter theft. Avoiding small Garagekeeper's claims like this helps to keep your coverage in place and your premiums low. We encourage you to review your current insurance policy to ensure you are properly insured. If you would like someone to review your current insurance program, please feel free to contact us by calling at 800-888-0979 or fill out the form in this link.