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NICB: Rising Cost of Parts Fuels Interest of Car Thieves


News provided by

National Insurance Crime Bureau

Feb 15, 2018, 06:00 ET

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DES PLAINES, Ill., Feb. 15, 2018 /PRNewswire/ -- If you own a late model car or truck, and you've been in a wreck, you may still be shaking your head over the repair bill. The National Insurance Crime Bureau (NICB) says today's vehicles are loaded with expensive parts and technology that increase the costs of repairs, even in what may be considered a minor accident.

Experience the interactive Multichannel News Release here: https://www.multivu.com/players/English/76652513-nicb-rising-cost-car-parts-theft/

NICB Car parts rising costs video
NICB Car parts rising costs video
Car parts rising costs infographic
Car parts rising costs infographic
NICB Car parts rising costs video
Car parts rising costs infographic

And those expensive parts will continue to drive car thefts as criminals steal cars and trucks to strip them and sell the parts on the black market.

Thefts of vehicles in the U.S. rose again last year by more than four percent, according to preliminary 2017 crime data from the FBI. Many of the vehicles that are recovered are missing wheels and rims or other key parts, while ones that are never recovered end up in chop shops where they are quickly dismantled and sold piece by piece.

The NICB looked at the cost of replacement parts for the top 10 stolen 2016 models. Average original equipment manufacturer (OEM) part prices were pulled from a database of over 24 million vehicle damage appraisals generated for insurance claims from 2016 and 2017. Parts such as bumpers, doors, fenders, hoods and headlights were on the list. Major components like the engine and transmission were not included.

See our video here. Download an infographic here.

The 2016 Toyota Camry, the most stolen 2016 model in our latest "Hot Wheels" report, had 15 commonly replaced components valued at nearly $11,000. That's not including labor.

2016 Camry Part Component

Avg OEM Part Cost

Total

Bumper cover

$230

$230

Headlamp assembly

$287

$575

Bumper cover

$304

$304

Grille assembly

$265

$265

Fender

$217

$434

Rear body panel

$442

$442

Hood

$544

$544

Door shell

$797

$1,593

Fender liner

$109

$218

Tail lamp assembly

$169

$338

Trunk lid

$707

$707

Wheel, alloy

$411

$1,642

Door shell

$717

$1,434

Quarter panel

$856

$1,712

Body side molding

$128

$257

Total Cost of Parts


$10,695

The 2016 Nissan Altima had 14 standard components worth more than $14,000, including a single headlamp assembly valued at more than $1,000.

2016 Altima Part Component

Avg OEM Part Cost

Total

Bumper cover

$419

$419

Bumper cover

$393

$393

Fender

$363

$726

Headlamp assembly

$1,013

$2,027

Combo lamp assembly

$237

$473

Rear body panel

$480

$480

Hood

$631

$631

Trunk lid

$697

$697

Wheel, alloy

$436

$1,745

Quarter panel

$886

$1,772

Door shell

$875

$1,751

Door shell

$811

$1,623

Outer panel

$359

$717

Outer panel

$391

$782

Total Cost of Parts


$14,236

And the 2016 GMC Sierra pickup truck included a $1,100 headlamp and a rear bumper worth more than $1,100. The 20 standard components rang in at more than $21,000.

2016 GMC Sierra Part Component

Avg OEM Part Cost

Total

Headlamp assembly

$1,144

$2,289

Step pad

$246

$246

Body side molding

$81

$163

Wheel, alloy

$593

$2,373

Fender

$593

$1,185

Bumper assembly

$1,133

$1,133

Grille

$761

$761

Rear bumper

$824

$824

Outer panel

$630

$630

Tail lamp assembly

$408

$817

Bumper

$995

$995

Fender liner

$94

$1,990

Hood

$855

$855

Door shell

$721

$1,710

Tail gate

$724

$724

Grille assembly

$752

$752

Door shell

$775

$1,550

Windshield

$412

$412

Outer panel

$509

$824

Outer panel

$549

$1,099

Total Cost of Parts


$21,332

"For the professional theft ring, stealing and stripping vehicles for parts has always been a lucrative business," said NICB Senior Vice President and COO Jim Schweitzer. "On today's cars and trucks, the parts are often worth more than the intact vehicle and may be easier to move and sell. That's why we see so many thefts of key items like wheels and tires and tailgates...there's always a market for them.

"We support law enforcement efforts, especially the auto theft task forces that focus on these kinds of theft rings. Shutting down a theft ring and a chop shop can have a major impact on reducing thefts in a community."

Anyone with information concerning insurance fraud or vehicle theft can report it anonymously by calling toll-free 800-TEL-NICB (800-835-6422), texting keyword "fraud" to TIP411 (847411) or submitting a form on our website. Or, download the NICB Fraud Tips app on your iPhone or Android device.

About the National Insurance Crime Bureau: Headquartered in Des Plaines, Ill., the NICB is the nation's leading not-for-profit organization exclusively dedicated to preventing, detecting and defeating insurance fraud and vehicle theft through data analytics, investigations, training, legislative advocacy and public awareness. The NICB is supported by more than 1,100 property and casualty insurance companies and self-insured organizations. NICB member companies wrote over $436 billion in insurance premiums in 2016, or more than 79 percent of the nation's property/casualty insurance. That includes more than 94 percent ($202 billion) of the nation's personal auto insurance. To learn more visit www.nicb.org.

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SOURCE National Insurance Crime Bureau

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