Theft of targeted prestige vehicles, such as certain Land Rovers/Range Rovers and BMWs, continue to surge in the UK. Insurers are now charging high premiums and/or imposing other terms and conditions, which may include some or all of the following: Restrictions in cover, garaging overnight requirement, high excess or co-insurance clauses, advanced security systems to be fitted post-manufacture. Many new owners are unaware of the insurance challenges that face them post-vehicle purchase.
Several factors contribute to the appeal of these vehicles to car thieves:
High Resale Value: Luxury vehicles like Land Rover, Range Rover, and BMW models tend to have high resale values, making them lucrative targets for criminals looking to cash in on stolen vehicles.
Limited Security Measures: In some cases, these high-end vehicles may be equipped with less robust security systems than one might expect. Criminals exploit these vulnerabilities, using advanced tools to bypass security measures and steal the cars.
Ease of Disposal: Criminal networks have become adept at quickly disposing of stolen vehicles. High-end vehicles can be stripped for parts or shipped abroad for resale, making it challenging for authorities to track and recover them.
Lack of Vehicle Tracking: Not all luxury vehicle owners invest in advanced vehicle tracking systems, making it easier for thieves to evade capture.
Residents of London who own Land Rovers and Range Rovers are now finding it very difficult (almost impossible) to obtain motor insurance unless they have a garage and approved trackers and immobilisers. Even with these theft security measures, the premiums are now extremely high, plus high excesses or co-insurance clauses are being added for theft losses, along with other insurance limitations or conditions. The reason for this is that based on data from the DVLA, Land Rovers / Range Rovers ranked as the second most frequently stolen vehicles in the UK in 2022, with more than 5,200 reported thefts.* A significant portion of these thefts occurred in London, leading to a situation where numerous insurance providers, burdened by rising claims, have either ceased offering cover for these vehicles or substantially raised their insurance premiums.
Please talk to one of our experts about the vehicle’s security and ease of insuring it before ordering or taking delivery of one of these target vehicles.
*https://www.autocar.co.uk/car-news/new-cars/insurers-refusing-cover-london-based-range-rovers
