Accessory Theft Hits Auto Insurance Company Profits

'company' is an unexpected token. The expected token is '='. Line 1, position 69.The economy is taking its toll on the average auto insurance company in a variety of different ways. For example, more people are said to be stealing catalytic converters to sell them as scrap metal.

A recent report in the Arizona Republic focuses on entrepreneurs Ian Monat and Steve Meislahn, who created the Catlock in response to one of their own catalytic converters being stolen. The two are bringing their product to market with help from Arizona State University's Technology Ventures Services Group.

According to Monat Technologies, the company which markets the Catlock, about 60,000 vehicle accessory thefts were reported nationwide in 2007, and thieves can get as much as $300 per catalytic converter. This particular crime is said to have been growing rapidly since about 2006.

The product is said to work by using steel plates that wrap around the converter, securing it in place.

Other recession-related auto crimes include insurance fraud, where more people have been destroying or damaging cars with an eye on collecting a payout.

The biggest problem for consumers is that any of these crimes have the potential to make their auto insurance company raise their prices more over time. For more about saving money on auto insurance, visit InsureMe.com today.