[ 2014-10-27 ]

Insurance firms refuse Range Rover cover
High-end motor insurers are refusing to insure new
Range Rovers in London after a series of thefts.
In what could be a serious blow to Jaguar Land
Rover, which makes the cars, underwriters are
understood to be declining to insure Range Rovers
unless the owners have underground or secure
parking.

The problem has grown so rapidly in the past three
months that insurers and insurance brokers have
asked to meet Jaguar Land Rover to discuss the
issue.

Thieves are targeting vehicles with “keyless”
ignition systems as they have found a way to
bypass the security using a hand-held electronic
device that can be bought on eBay.

Thatcham Research, the motor insurers’
automotive research centre, said that between
January and July this year, 294 Range Rover Evoque
and Sport vehicles were stolen in London. During
the same period, 63 BMW X5s, a rival to the Range
Rover, were taken.

Keith Dowley, a commercial property adviser, who
bought a Range Rover this month after his previous
one was stolen from outside his house in southwest
London, said that he was refused cover from AIG
because he did not have underground parking. Mr
Dowley said: “How many people living in London
have that type of parking?”

He said that when he contacted Range Rover, he was
told it was an issue he had to resolve. “I had
to tell them, ‘No, this is your problem, I have
just bought a £100,000 car from you, if I can’t
get insurance, I can’t drive it, and if I
can’t drive it, I don’t want it’.”

He secured cover from another insurer, after
agreeing to transfer all his business to them,
including his house insurance.

James Wasdell, co-founder of Quantum Underwriting,
said: “If you are an owner of a ‘street
parked’ Range Rover [in London], even with the
most sophisticated tracker, nine out of ten
insurers will now say no. However, we have been
able to find a solution by combining the use of
physical protection [for the car] and advising
clients to insure all their assets with one
insurer.”

Ashley Cole, of Aqua Underwriting, said it had
recently paid out on four stolen Range Rovers.
“With new business, unless there is underground
parking or some form of secure parking and a
category 5 tracker installed we will not insure
Range Rovers,” he said.

A spokesman for AIG said that it may request
additional security measures such as private
garaging or the installation of mechanically
movable bollards.

A spokesman for Jaguar Land Rover said the
criminal re-programming of remote-entry keys was
an industry-wide problem, adding: “Our line-up
continues to meet the insurance industry
requirements as tested and agreed with relevant
insurance bodies. Nevertheless we are taking this
issue very seriously and our engineering teams are
actively working in collaboration with insurance
bodies and police forces to solve this
continuously evolving problem. This has already
resulted in a number of prosecutions.”

Source - The Times(UK)

... go Back