Saxon Insurance Brokers Ltd
3rd Floor, The Blade
Abbey Square
Reading, Berkshire
RG1 3BE
Samuel Cise • 8 January 2024
The news of Land Rover launching their new insurance product which people outside of our industry think is Land Rover themselves underwriting it which isn't true, LV do, has caused a lot of stir and mainly negative press for Land Rover.
I am certain Adrian Mardell Land Rover CEO and Montana Wright UK Senior Press Officer had good intentions launching this new scheme however my guess is they didn't quite understand the lack of appetite the underwriters would have for certain years of manufacturer, or locations or maybe other underwriting factors or maybe they did but didn't foresee the negative backlash this would create. Anyway Land Rover Insurance isn't even competitive so what is their USP apart from a strange monthly only setup and letting down many Land Rover owners?
We have to remember why Land Rover are in this position. To give them credit, they make desirable cars, unfortunately desirable to people up to no good too. Sadly the level of their security they install is not smarter than a pretty unskilled thief who’s bought some kit off Amazon to steal their cars with.
December 2023/January 2024 saw the values of Land Rover products plummet, 1,000+ cars under a year old on Autotrader alone and still no appetite in the insurance industry to insure the most stolen car in the UK, can you blame them?
Let’s get into the technical issues of car security and see what Land Rover should be doing to prevent theft of their cars. Afterall, the insurance market works on facts, if a car is stolen frequently the rates go up, underwriters or actuaries cannot fix Land Rover issues only Land Rover can so why would an insurance company charge a low rate for a Land Rover knowing there is a high probability of theft while Land Rover do nothing to help the insurers.
Let’s summarise the reasons why cars are stolen:
What you should do to prevent a theft?
Back to Land Rover and what they might be doing to help the situation.
I understand so far 70,000 have had a recall to upgrade the software of their cars to improve the keyless entry system however there could be 1,000,000 Land Rovers on UK roads so this has hardly made a dent in the total number of cars needing the update.
Land Rover have written to eligible owners requesting they take their car to their retailer for the security update however eligible cars from what I can make out are vehicles 2018 or newer, it may even be 2020 or newer. That leaves many ineligible Land Rover owners.
The long and short of it, considering all the points above about Manufacturer security being inadequate even the security advice on their recall letter is inadequate to prevent a theft, do not delay getting every possible aftermarket security device fitted to your car, prevent a theft and avoid having a huge claim on your record risking the possibility of never being able to get insurance again.
Here are some products from a company we have started working with and their contact details:
Laserline Guardian ADR Immobiliser £399
Metatrak Immobiliser £329
Scorpion S5+ Tracker with Immobilisation and Fob. £439.00 for the device and to install, Subscription £16.99 per month or £189 per annum
If you want to have any of these devices installed call Mr Frances Savva from Sensational Auto Installations on 07807221374.
For further information if you are considering selling your Land Rover, be warned it's a very tough market for Land Rover at the moment purely driven by these issues.
Here’s the current state of the Land Rover market on Autotrader alone:
Land Rover market update 3/1/24 (last updated 19/12/23)
RANGE ROVER
NEW CARS:
122 (+4) Brand New Range Rovers on Autotrader
Most expensive £230,945
Highest discount on a new car £18,316 (9%) listed on 21/9/23
2023/24 CARS:
262 (-2) 2023/24 registered Range Rovers on Autotrader
Most Expensive £269,844 for the Landsdowne Edition
Largest price drop since listing £38,500 (20%) listed on 21/9/23
RANGE ROVER SPORT
NEW CARS:
238 (+4) Brand New Range Rover Sports on Autotrader
Most expensive £136,500
Highest discount £11,265 (11%) listed on 1/11/23
2023/24 CARS:
345 (-4) 2023/24 registered Range Rover Sports on Autotrader
Most expensive £280,000 for the Edition One Carbon Bronze - WHATTT!!
Largest price drop since listing £31,005 (11%) listed on 9/11/23