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Range Rover Buyers Offered Insurance Cash After String of Thefts - BLOOMBERG

MAY 08, 2024

  • JLR is looking to tackle soaring premiums after crime wave
  • The SUVs are targets due to their value and keyless technology
  • Range Rovers at the JLR manufacturing plant in Solihull, UK.

    Range Rovers at the JLR manufacturing plant in Solihull, UK. , Photographer: Chris Ratcliffe/Bloomberg

    (Bloomberg) -- Jaguar Land Rover Automotive Plc is offering to pay part of customers’ insurance costs for new Range Rovers after a string of thefts caused premiums to soar and left some unable to get cover.

    The British carmaker will provide £150 ($187) a month for up to three years toward cover of new Range Rover and Range Rover Sport models registered from May through September, it said Wednesday. The offer, through its recently launched insurance service, excludes the new Velar and Evoque models, and vehicles worth more than £150,000. 

    It is the latest attempt by JLR to lure customers who might be put off by a rise in thefts of its luxury SUVs that has seen insurance premiums jump and cover difficult to find at all in some cases. Range Rovers have been targeted by criminals, particularly in London, due to their value and their keyless technology. 

    Read More: Range Rovers Become Thief-Magnets, Causing Prices to Tumble

    The carmaker launched its own insurance offering last October after complaints from customers in response to the problem. It has since provided 37,500 insurance quotes, the company said Wednesday.

    In February, JLR Chief Executive Officer Adrian Mardell said the company was having to help fund police security at ports to tackle the problem of cars being stolen and shipped abroad.

    More than 150,000 vehicles from 2018 onwards have received security updates since 2022, JLR said. 

    The company is taking an “‘all-fronts’ strategy to tackle the negative impact organized criminality is having on clients, insurance premiums, and the insurance industry itself,” Patrick McGillycuddy, JLR’s UK managing director, said in a statement.

    Since January 2022, only 0.2% of new Range Rover and new Range Rover Sports have been stolen, JLR said, citing Police National Computer data.


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