Insurance Rates To Spike For Americans
You won’t believe why!
In a shocking turn of events, it now appears that insurance giant State Farm has already paid out an astounding $50 million dollars to customers after criminal have gone an a crime spree by stealing the catalytic converters from people’s cars.
According to Fox, State Farm has acknowledged that catalytic converters thefts have reached an all time high likely due to the COVID-19 pandemic and it’s only getting worse.
Sadly, we all know what will happen if car insurance companies have to pay out more insurance money. They will have to raise prices on their customers.
State Farm informed media sources that they have already paid out $50 million for 23,570 catalytic converter theft claims in just the first half of 2022.
Thieves can make anywhere from $300 to $1,500 for selling catalytic converters for scrap. If President Biden’s inflation wasn’t already a problem for Americans, this new possible surge in insurance prices may be our newest problem.
