A spike in demand for precious metals has made Toyota Prius vehicles more than 10 years old an unlikely target of thieves, a recent report from the Highway Loss Data Institute shows.

Theft claim frequency for 2004-09 Prius models was more than 40 times higher in 2020 than in 2016, HLDI analysts found. As a hybrid car, the Prius is being targeted for the precious metals in its catalytic converter. The catalytic converters of hybrids need more of the precious metals because they don’t get as hot as on conventional vehicles, since the combustion engines of hybrids only run part of the time.

Thanks to higher prices for platinum, rhodium, palladium and other metals found in the components, catalytic converter thefts rose from about 100 a month in 2018 to more than 1,200 a month in 2020, according to the National Insurance Crime Bureau.

While thieves hit all kinds of vehicles, the catalytic converters from some models command higher prices because they contain more of the metals.

Theft claim frequency was 58.1 claims per 1,000 insured vehicle years for 2004-09 Toyota Prius models in 2020, compared with 1.4 claims in 2016. Overall, theft losses for those Prius vehicles in 2020 were nearly $137 per insured vehicle year - a more than 45-fold increase from $3 in 2016, HLDI found. In contrast, theft claim frequency for all other 2004-09 vehicles hardly changed from 2016 to 2020 and overall losses remained about $7.

The recent scrap price for the catalytic converter used in the 2004-09 second-generation Prius 1.5 was $1,022, according to autocatalystmarket.com, while the scrap price for the converter used in the 2010-15 third-generation Prius was $548.

The converter used in General Motors models 1999-2006, such as the Chevrolet Impala and Pontiac Grand Am, was valued at $269, and the converter used in the 2007 Ford F-150 FX4 was priced at just $143.

The HLDI database does not include information about the specific component reported stolen in insurance claims, but the dollar value of the typical claim provides some clues. For the high-theft years of 2019-20, there was a spike in claims from $2,501 to $3,000. For 2016-17, most claims were for losses of less than $500 or between $1,501 and $2,500.

Newer Prius models saw slight increases in claim frequency and overall thefts. For 2020, the claim frequency was 1.3 claims per 1,000 insured vehicle years for 2010-15 models, up from 0.8 in 2016. Similarly, overall theft losses for 2020 were $5 for 2010-15 models, compared with $3 in 2016.

Processing catalytic converters for their metals requires sophisticated equipment, but bulk scrap buyers have mushroomed with the spike in prices for certain metals. All but a handful of states require buyers to record sellers’ driver’s license numbers or other identification and many prohibit cash payments above a certain threshold. However, catalytic converters are not stamped with vehicle identification numbers, so it isn’t easy to identify stolen components once they have been sold as scrap.

Prices for the metals have soared due to lower mining production in recent years, a trend exacerbated by the pandemic. Also, the recent tightening of emissions standards means the newest catalytic converters require more of the valuable metals.