Jaguar Land Rover slashes drivers’ insurance costs

UK (Commonwealth) _ Due to a surge in thefts of expensive vehicles, Jaguar Land Rover has reduced the average cost of its in-house insurance by almost 80%. This is because driver premiums have increased.

On Wednesday, the automobile manufacturer situated in the West Midlands aimed to reassure motorists that, should they buy a new vehicle, the business will contribute £150 a month to their insurance premiums for a maximum of three years.

It follows JLR’s October launch of its own insurance, Land Rover Insurance, in response to news that many thefts were causing conventional insurers to give drivers exorbitant rates. In the most severe situations, drivers were receiving claims from insurance for up to £30,000 annually in response to rumors that criminal gangs were primarily targeting Range Rovers.

But since its introduction, Allianz-underwritten JLR insurance has given more than 37,500 quotations, with an average monthly cost of less than £180. Anyone purchasing a new Range Rover or Range Rover Sport registered between May 1 and September 30 of this year is eligible for the new deal.

JLR will contribute £150 to a driver’s monthly premium as a result, theoretically bringing the average cost under the company’s program down to only £30. Simultaneously, JLR continues to advocate with other insurers to reduce Range Rover owners’ rates by giving them further details about the security features the vehicles have.

The firm said on Wednesday that it has sent insurers a fresh set of data, which it hopes will result in a new system that allows them to quickly verify an automobile’s level of protection by only using the number plate.

“Relay theft” and “BCM theft” are two of the primary techniques used by gangs to pilfer luxury cars, many of which are now equipped with keyless entry systems.

While body control module (BCM) theft entails breaking into the vehicle’s diagnostics system and turning off the immobilizer, relay theft includes employing specialized equipment to trick a car into believing the owner’s key fob is close. The automobile must normally be opened prior to BCM theft.

With the use of new ultra-wideband technology, JLR claims to have mostly stopped relay theft after investing £15 million to attempt and improve the security systems in its vehicles. According to the firm, none of the most current Range Rovers fitted with the ultra-wideband technology have been taken thus far.

To prevent BCM theft, the business is still updating the software on cars manufactured after 2018; as a result, consumers are advised to bring in their vehicles to get the most updated data. Additionally, the business is still developing software for cars manufactured in 2016 and 2017. Only 0.2 percent of the most recent generation of Range Rovers have been stolen since January 2022, according to police data, according to a spokeswoman. Conversely, since 2020, just 0.3% of Defenders sold have been reported stolen.

The CEO of JLR, Adrian Mardell, has previously blasted insurers over the rates they gave Range Rover drivers, claiming that their quotes were based on outdated data. In February, he declared, “There is no reason whatsoever why any insurance company should not gladly and readily insure those new vehicles.” “They react to data extremely slowly. That is the reality and the facts”, he said.

Managing director of JLR UK Patrick McGillycuddy stated  that the company is happy to provide an additional, customized insurance program and that they are committed to helping their clients at every stage.

In order to address the detrimental effects that organized crime is having on customers, insurance rates, and the insurance sector overall, JLR has adopted a “all-fronts” approach. He mentioned a number of projects involving police forces, port authorities, foreign law enforcement organizations, and, of course, UK insurers as part of his efforts and investments.

Younger drivers typically pay higher rates for auto insurance. If you drive carefully and have never been in an accident, it may seem incredibly unfair, but that is the result of the way insurance analyze risk to determine premiums.

Because inexperienced drivers are statistically more prone to file claims, insurers will determine the total risk associated with your coverage depending on the age of the driver. Therefore, even if you’ve never been in an auto accident or received a speeding ticket, the general risk for your age group will increase the cost of your insurance.