Property and casualty insurer Mercury Insurance (NYSE:MCY) report a "dramatic" increase in vehicle vandalism and auto theft in California with comprehensive auto insurance claims surging 40% since pre-pandemic levels.
While the increase in theft and vandalism started when Covid-19 began, theft of audio and other parts — including catalytic converters — continue to rise as pandemic restrictions are relaxed.
This year, Northern California has seen nearly twice the comprehensive auto claim frequency than Southern California, with smaller population density areas reporting a higher theft rate than areas with larger populations, the company said.
For example, "thieves love the Toyota Prius," said Randy Petro, vice president and chief claims officer at Mercury Insurance (MCY). "The frequency of claims for this vehicle compared to the other vehicles on the list is nearly double."
Last month, Mercury General appoints Victor Joseph as EVP and COO.