Why is Range Rover Insurance So Expensive?
Range Rovers are recognised for their performance and luxury which comes with a high price tag. Unfortunately, so does their insurance. Many Range Rover owners in London are often shocked at the cost of insuring their vehicles, if they can get insurance at all.
In this guide, we explore the reasons behind the high Range Rover London insurance premiums, including the impact of theft. We’ll also provide some practical tips on how to lower your Range Rover insurance price.
Key Factors Driving Up Range Rover Insurance Costs
Are Range Rovers expensive to insure? The answer, unfortunately, is yes.
Insurance quotes for Range Rovers in London have been found to be exceptionally high, with comprehensive cover costing £2,570 on average per year. These costs can vary, depending on the driver’s age and driving record, location, and the specific insurance provider. In extreme cases, there have been reports of insurance companies being unwilling to provide coverage for new Range Rover models at all.
Why is Range Rover insurance so high? Let’s look at some of the reasons:
High Market Value
Range Rovers are high-value, luxury vehicles, which means that any claims for damage or theft will be costly for insurers. The replacement parts and repair costs for these luxury cars are expensive. This drives up the overall cost of insuring the vehicle.
Costly Repairs and Maintenance
Repairing a Range Rover can be expensive. The advanced technology and specialised parts required makes repairs costlier compared to other vehicles. Insurers factor in these higher potential costs when setting premiums.
Performance and Power
Range Rovers are large, powerful SUV vehicles with high-performance capabilities. This can sometimes lead to higher risks on the road, such as speeding and accidents. Insurers often adjust their rates to account for the higher likelihood of these vehicles being involved in costly claims.
Impact of Theft on Range Rover Insurance Premiums
Range Rover insurance problems, particularly in London, are rooted in the high theft rates of these vehicles. Range Rovers have become a prime target for thieves, leading to soaring insurance premiums and some insurers outright refusing to cover them. This trend is primarily due to the vehicle’s popularity in the UK and abroad, making it highly desirable for organised criminal activities.
Technological Weaknesses in Range Rover Models
Despite their advanced technology, certain models have some vulnerabilities that can affect Range Rover insurance prices. These weaknesses make the vehicles more susceptible to theft and damage, leading insurers to charge higher premiums.
Keyless Entry Systems
Many Range Rover models come with keyless entry systems, which can be vulnerable to relay theft. Thieves use signal amplifiers to capture the key’s signal and relay it to the car, unlocking and starting it without the owner’s key. This increases the likelihood of theft, impacting insurance rates.
On-Board Diagnostics (OBD) Ports
The OBD ports in Range Rovers can be accessed to program new key fobs. Thieves can use this method to quickly steal the vehicle. Insurance companies are aware of this risk, which is factored into the high insurance premiums.
JLR Response to Range Rover Thefts
Jaguar Land Rover (JLR) Group has been investing in and updating its vehicle security technology. This initiative follows a £10 million investment in vehicle security to reduce keyless thefts.
For instance, vehicles manufactured from 2022 onwards are built on JLR’s most advanced electrical architecture, significantly reducing the risk of theft. This includes the deployment of technology to prevent the Body Control Module (BCM) keyless theft method. JLR was also the first manufacturer to develop and roll out Ultra-Wide Band (UWB) protection to counter the relay theft method.
Effective Methods to Prevent Range Rover Theft
These measures by JLR indicate a strong commitment to tackling the security challenges and Range Rover insurance issues owners face. However, the situation underscores the importance of vehicle security for Range Rover owners and highlights the need for comprehensive solutions to address the high theft rates and associated insurance challenges.
Below are some effective methods to secure your Range Rover:
Ghost II Immobiliser
The Ghost II Immobiliser is an advanced security device that prevents the vehicle from being started without a specific PIN code. It effectively safeguards your Range Rover against theft methods like key cloning, hacking, and key theft. This system is undetectable, making it a valuable investment for Range Rover owners.
Tracking Devices
Professionally installed tracking devices can improve the chances of recovering a stolen Range Rover. These devices allow the vehicle to be tracked in real-time, aiding in quick recovery. Some insurance companies offer discounts for vehicles equipped with tracking devices.
Secure Parking
Where you park your Range Rover can also impact its security. Parking in well-lit, secure areas, preferably with surveillance, can reduce the risk of theft. Owners should consider using secure car parks or garages whenever possible.
Tips to Lower Your Range Rover Insurance Expenses
You can insure a Range Rover in London without excessively high premiums. Implementing these tips can help you manage your insurance costs effectively.
JLR Insurance
To address the challenges of high insurance premiums, JLR Group has taken proactive steps by offering bespoke insurance solutions through Land Rover Insurance. JLR’s insurance solution provides a fully comprehensive, flexible monthly subscription model managed online. This service is not only limited to Range Rovers but also extends to other models like Defender, Discovery, and Jaguar vehicles.
Since its introduction, JLR has provided quotes to over 4,000 clients, with an average monthly premium of less than £200. This service is a response to the increased thefts and challenges in obtaining insurance coverage, reflecting JLR’s commitment to enhancing vehicle security and offering viable insurance options to their clients.
Credits landrover.co.uk
Enhance Car Security
Enhancing your car’s security can often lead to insurance discounts. Installing advanced security features like immobilisers, alarms, and tracking devices can make your vehicle less attractive to thieves, which insurers reward with lower premiums. Always check with your insurer to see which security upgrades qualify for discounts.
Increase Your Excess
Opting for a higher excess can lower your premium. This means you’ll pay more out of pocket if you make a claim, but it can reduce your overall insurance costs. Be sure to choose an excess amount that you can afford in the event of a claim.
FAQs
Why do thieves steal Range Rovers?
Thieves target Range Rovers because of their high resale value and the demand for their parts. These luxury vehicles are profitable on the black market, making them attractive targets for criminals.
Which Range Rover is most stolen?
The Range Rover Velar model was the most stolen model in 2023.
Can a stolen Range Rover be tracked?
Yes, a stolen Range Rover can be tracked if it is equipped with a tracking device. These devices allow real-time tracking, helping the quick recovery of the vehicle.
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