Catrak FAQ's
Catrak offers advantages over cages or straps by providing discreet installation, real-time alerts. Cages and straps are simple to cut using the same tools that a thief uses to cut an exhaust system. Cages and straps DO NOT ALERT ANYONE OF A THEFT AT ALL, unlike Catrak which alerts of a theft in progress in real time and provides actionable data for law enforcement and insurance.
The installation of Catrak usually takes about 30 minutes.
No, Catrak doesn't require a certified technician for installation.
Catalytic converters are valuable due to the precious metals they contain, such as platinum, palladium, and rhodium.
The #1 targeted vehicle for catalytic converter theft tends to be trucks and SUVs.
The value of a used catalytic converter varies widely, but it can range from a few thousand dollars to tens of thousands of dollars. What the thieves are after is the precious metals and they don’t care what damage is done to your vehicle.
Stolen catalytic converters are often sold to scrap yards or illegal recycling operations. Illegal gangs make their money on the sale of the precious metals.
Availability of catalytic converters can vary, but sometimes they can be backordered from weeks to months. Specific year, make, and model may impact availability.
The cost to replace a catalytic converter depends on the vehicle and the type of converter, ranging from a few thousand dollars to over ten thousand dollars or more.
Top theft prevention measures include installing protective devices such as Catrak which alerts you to a theft in progress.
Catrak is better than other prevention measures because it offers real-time tracking and alerts and a 140db alarm helping to deter theft effectively.
Catrak - Acrisure Value Proposition
The value proposition for an insurance company to encourage their fleet clients to adopt Catrak’s catalytic converter theft prevention solution includes:
- Reduced Claims: With Catrak theft prevention measures reduce the likelihood of catalytic converter thefts, which in turn reduces the number of claims made by fleet owners. Fewer claims mean reduced loss ratios for the insurance company, contributing to improved profitability
- Lower Repair Costs: Catalytic converter theft often leads to expensive repairs and downtime for fleets. By preventing these thefts, Catrak minimizes these repair costs, potentially leading to lower insurance payouts.
- Lower Premiums and Attractiveness: Insurance companies can offer lower premiums to fleet owners who install Catrak systems, making their policies more competitive and attractive to businesses, while also reducing their own risk exposure.
- Improved Risk Management: Catrak’s patented anti-theft technology helps insurance companies mitigate one of the growing risk factors in fleet operations. This proactive risk management approach could lead to better underwriting decisions and more accurate pricing models.
- Increased Client Retention: By providing fleet owners with access to innovative theft prevention solutions like Catrak, insurers position themselves as proactive partners, which increases customer loyalty and retention in a competitive market.
- Compliance with Emerging Regulations: Some regions are beginning to introduce regulations requiring enhanced vehicle security. By adopting Catrak, insurance companies can ensure their fleet clients are compliant with such laws, reducing liability for non-compliance.
This combination of risk reduction, lower costs, and improved customer satisfaction strengthens the insurance company’s overall value offering thereby reducing its overall risk exposure in the market.
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