11:58 am, May 9, 2024
JLR is to give customers £150 a month for up to three years towards insuring new Range Rover and Range Rover Sport models as part of an ongoing battle to tackle exorbitant premiums.
It follows its launch of an insurance product for Range Rover customers in the face of rising thefts.
According to JLR, benchmarked data from insurance industry analysts Consumer Intelligence show that quoted motor insurance premiums have gone up 56.4% in a year.
In December, Phil Johnston, the boss of used car dealership Spencer Flint Automotive, told the Car Dealer Podcast he believed that ‘panic’ was causing the prices of Jaguar Land Rover models to tumble as soaring insurance costs and reliability issues affected their values.
But the manufacturer says it’s made ‘significant progress’ in its bid to tackle thefts of its vehicles and ease insurance woes.
And as well as giving insurers and stakeholders what it calls ‘industry-changing intelligence’ relating to its cars’ security measures for models registered as far back as 2018, it’s now launched a contribution initiative for Land Rover Insurance.
The incentive is applicable on new Range Rover and Range Rover Sport models registered between May 1 and September 30, 2024 and is worth £150 per month towards the cost of cover for up to three years, up to a maximum vehicle value of £150,000.
JLR says the ‘unprecedented levels of real-time data’ that insurers are allowed gives them the most accurate information to set premiums for Range Rover, Defender and Discovery owners.
The manufacturer added that it’s invested £15m to update the security of previous-generation vehicles for clients, including those that are out of warranty, giving them the highest possible levels of protection.
Since 2022, more than 150,000 vehicles from 2018 onwards have been given security updates, with JLR’s engineers also working to develop anti-theft software that is compatible with 2016 and 2017 vehicles.
Meanwhile, Jaguar Insurance and Land Rover Insurance have given more than 37,500 quotes to clients, with an average monthly quote premium of less than £180, it says.
JLR (UK) managing director Patrick McGillycuddy said: ‘We’re working hard to support our clients every step of the way and are pleased to offer a further, bespoke insurance initiative.
‘JLR has an ‘‘all-fronts’’ strategy to tackle the negative impact organised criminality is having on clients, insurance premiums and the insurance industry itself.
‘Our efforts and investments include a raft of initiatives with police forces, port authorities, international law enforcement agencies and, of course, UK insurers.’
According to JLR, Police National Computer data accurate to April 2024 shows that since January 2022, only 0.2% of new Range Rover and new Range Rover Sports have been stolen, while just 0.3% of new Defenders have been affected since launch in 2020.
