’We’re always looking for the next risk to make sure that we’re [setting premiums] at the right price,’ says chief executive
Vehicle manufacturer Jaguar Land Rover (JLR) had to step in to the insurance market late last year to address inflated premiums for Range Rover owners that were being caused by high rates of vehicle theft.
In October 2023, the firm began offering specialised cover for its Range Rover customers via Land Rover Insurance – and also announced a £10m investment in security to help tackle keyless thefts in November 2023.
Speaking to Insurance Times last week (30 July 2024), Geoff Carter, chief executive at specialist motor insurer Sabre Insurance, said that his firm’s data showed that these security improvements had successfully improved the situation somewhat.
He explained: ”It looks like Land Rover have improved security a bit – not completely, because you need to be careful with the model, but it has improved, even if we are still seeing them be stolen.”
However, Carter added that “the interesting bit” is keeping an eye out for which vehicles thieves began to target next.
He explained: “If it becomes too hard to steal a Range Rover, then what’s next in line? We’re always looking for the next risk to make sure that we’re [setting premiums] at the right price.”
New targets?
Carter said that thieves were increasingly beginning to tackle other “prestige” SUV-type vehicles.
Read: Rural crime claims rise as thieves ‘become more determined’
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He explained: “We’re starting to see large Porsches, like the Porsche Cayenne for example, being stolen much more.
“We’re still seeing Range Rovers be stolen, depending on the model and where it’s parked, but we’re definitely also starting to see increased theft from other prestige marks and, normally, SUV type vehicles.”
Unfortunately, Carter added that luxury vehicle theft, especially in wealthier areas of London, was “far too lucrative” for thieves to abandon completely, meaning that as one vehicle manufacturer improved security, criminals would always begin to target the next easiest option.
In June this year, JLR actually invested £1m into supporting police forces across the UK when responding to vehicle thefts.
At the time, JLR UK managing director Patrick McGillycuddy said: ”We are constantly developing our systems and security features and through our close collaboration with police, we stay ahead of any emerging methods and quickly deploy anti-theft measures.”
With a particular focus on regulation, geopolitical and systemic risks and conflict, he has covered the insurance implications of the Ukraine war, riots in France and the commissions scandal for multioccupancy buildings insurance.View full Profile
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