In the United Kingdom, owners of Range Rovers are facing an increase in insurance premiums, and while some may view this news with a touch of schadenfreude, the underlying reasons are more serious than one might initially assume.
The luxury and size of Range Rovers have traditionally made them a symbol of affluence, leading to an expectation of higher insurance costs. However, the situation has escalated due to the alarming frequency with which Range Rovers, including various models like Sport, Velar, and Evoque, are being targeted by car thieves in the UK.
Reports indicate that Range Rover owners, particularly in London, are grappling with exorbitant renewal premiums, reaching as high as £25,000 (€29,000) for a single year of insurance coverage. The severity of the issue prompted Land Rover, the manufacturer, to intervene and address the escalating insurance costs.
Data from the UK’s Driver and Vehicle Licensing Agency (DVLA) reveals that the Range Rover ranked as the second-most stolen car last year, trailing only the consistently popular Ford Fiesta. While some of the stolen vehicles are likely taken to fulfill specific orders and shipped abroad, a significant portion is stripped for parts.
The unique vulnerability of the Range Rover brand stems from its inherent desirability and a backlog of 150,000 orders, many of which are for Range Rovers. Delays in the production chain, coupled with a shortage of spare parts for repairs, have created a supply-demand imbalance, contributing to a substantial increase in car thefts within this category.
The situation underscores the need for comprehensive measures to address the rising theft rates, as well as potential implications for insurance premiums across the automotive industry.
