JLR 'helps alleviate' Range Rover insurance issue
Rejuvenated in-house solution offered as Land Rover seeks to allay customer concerns
Evidently stung by recent criticism of the high theft rates suffered by Range Rover owners, JLR has swung into high gear. Not only has it already announced a £10m investment in security upgrades for older models, the firm has since confirmed a relaunch of its bespoke insurance solution - specifically ‘designed for clients who may be facing challenges with increasing insurance premiums, which are affecting the industry’.
Affecting the industry broadly, yes - but affecting Land Rover specifically, too. Autocar claimed back in February that some insurers were reluctant to accept the risk of underwriting Range Rover policies based on the number of vehicles stolen in 2022. Coincidentally (or not) Land Rover’s previous in-house insurance policy fell over in November of that year when it mutually agreed to end its partnership with provider Verex, promising a new proposition would replace it.
Nearly twelve months later, that has finally come to pass. JLR says its latest scheme, which is available to both new and used customers, has been up and running since October and has ‘so far provided more than 4,000 clients with a JLR insurance solution, with an average monthly premium of less than?£200’. Given the service also covers Jaguar product alongside Land Rover, we can assume that Range Rover buyers are probably not enjoying that level of affordability - but we’re happy to be proven wrong in the comments if any PHers are among the users already signed up to it.
As you might expect, JLR is promising a ‘seamless experience online’ and says its policies offer a flexible monthly subscription model. It is also at pains to remind us that since January 2022, only nine of more than 12,000 new Range Rovers sold have been stolen thanks to the latest security features of its most recent electrical architecture, and that previous generation models - including those out of warranty - are being updated to include the ‘embedded technology’ that prevents criminals hacking the keyless entry system.
“Customers of luxury cars and other luxury goods are experiencing an increase in thefts due to organised criminal activity in the UK. The desirability of our luxury vehicles, coupled with concerns around thefts, has recently led to challenges in obtaining insurance cover for some clients,” acknowledged Patrick McGillycuddy, JLR’s UK Managing Director.
“We are fully committed to doing everything we can to address this by adopting a multifaceted approach: from our significant investment in vehicle security, to now providing our own insurance. While our new proposition is a key milestone, we want to reassure clients that we will continue monitoring and refining our service so that even more clients can take advantage of it.”
Let's all just give in....
Ultimately JLR will be offering a third party insurer's products under their header and insures follow the algorithm and the algorithm follows the risk; if it was a real goldmine, sizeable entities (with the financial clout to overcome the barriers to entry) would be piling in for a peice of the action - but they're not.
How would this reduce uninsured drivers? I strongly suspect people who choose not to bother insuring won't suddenly think, oooh I like this website, I'm now going to insure my vehicle.
That’s £2400 a year, that’s not affordable insurance
I wonder if there is a deal with the Insurer - if a car gets stolen/damaged, JLR supply a new car to the Insured/Insurer at preferential cost.
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