JLR, the automotive company formerly known as Jaguar Land Rover, has announced that it will offer a monthly contribution of £150 towards the cost of its in-house insurance for buyers of new Range Rovers and Range Rover Sports. This move comes in response to a sharp rise in insurance premiums for these vehicles due to their high theft rate. The company began offering its own insurance policies last October and has now decided to further incentivize customers by providing this financial contribution.
The £150 monthly contribution will apply to cars registered between 1 May 2024 and 30 September 2024 that are covered under Land Rover’s in-house insurance division. However, there are some restrictions. The car’s value cannot exceed £150,000, which means that the range-topping SV variants of the Range Rover and Range Rover Sport are excluded from this offer. Additionally, the Range Rover Evoque and Range Rover Velar do not qualify for the discount.
The decision to offer this contribution is based on data from the DVLA, which reveals that the Range Rover Sport was the fifth most stolen car in the UK last year, with 1631 vehicles being taken. However, this number is 29% lower than in 2022, thanks to Land Rover’s initiative to retrofit upgraded security measures to previous-generation models of the Range Rover and Range Rover Sport. Over the past two years, approximately 150,000 cars produced since 2018 have received security software updates. The company is still working on developing upgrades for models built in 2016 and 2017.
JLR CEO Adrian Mardell has expressed concern about the theft of their vehicles in large cities, particularly in London and Manchester. He has highlighted the fact that older models are more at risk and emphasized the importance of upgrading their security software. Mardell has also emphasized the security of the current-generation Range Rover, stating that only 0.08% of new Range Rovers and 15 vehicles out of 12,800 new Range Rover Sports have been stolen. He believes that this high level of security should make it easy for insurance companies to provide coverage for these vehicles.
However, Mardell has expressed frustration with the insurance industry’s slow response to the data provided by JLR. He believes that insurance companies are not utilizing the information available to them and are therefore not providing coverage for these new vehicles. In his view, the insurance industry needs to be more proactive in responding to data and adapting their policies accordingly.
The decision by JLR to offer a monthly contribution towards insurance costs is a significant step towards addressing the issue of high premiums for Range Rovers and Range Rover Sports. It not only provides financial support for buyers but also highlights the company’s commitment to improving the security of their vehicles. By retrofitting security measures and offering in-house insurance policies, JLR is taking proactive steps to reduce the risk of theft and provide peace of mind for their customers.
In conclusion, JLR’s decision to offer a £150 monthly contribution towards the cost of in-house insurance for new Range Rovers and Range Rover Sports is a response to the high theft rate of these vehicles and the resulting increase in insurance premiums. The company’s commitment to upgrading security measures and providing its own insurance policies demonstrates its dedication to protecting its customers’ vehicles. However, JLR CEO Adrian Mardell has expressed frustration with the insurance industry’s slow response to the data provided by the company and believes that more can be done to ensure that insurance companies readily provide coverage for these vehicles. Overall, this initiative by JLR is a positive step towards addressing the issue of high insurance premiums and improving the security of their vehicles.
