Carfax blog on the subject of thefts stating that the versions on hybrids are more valuable (contain the valuable raw matl's in greater qtys) because they are built to handle short engine runtimes. 1) Does the minimum engine runtime that the Clarity has programmed mean that its converter is no different from a non-hybrid? 2) Anyone noticed whether the unit on Clarity PHEV is exposed or hidden behind underbody airdam? https://www.carfax.com/blog/catalytic-converter-theft
My guess is most "basic" criminals don't do enough research to even find a Clarity is a hybrid, and rather go for a higher SUV/truck or a guaranteed car that's easy to recognize like the Prius. IMO, YMMV
A view from underneath... It seems to be exposed. It is a few feet behind the access panel for changing the oil. Of course, there is little ground clearance. It is not possible to crawl under and get to it without jacking it up (or ramps). Note - a new converter assembly costs around $1000.
I'm definitely not going to lose any sleep over this possibility of converter theft. My Clarity is either parked in a garage at home or on a secured lot at work. Even less concern as no one in this area even knows anything about a Clarity. The crooks will go for the low hanging fruit with easy-to-spot Toyota Prius'es.