According to DVLA data, Range Rovers are one of the most stolen vehicles in the country – and this is forcing many insurers to reassess their premiums. We explore how much it costs to insure a Range Rover and your options if you’re struggling to find the right cover.
Jaguar Land Rover’s financial results covered more than just its balance sheet.
When speaking to a room of journalists, CEO Adrian Mardell was questioned on recent research which called the Range Rover “Britain’s most stolen vehicle”. He responded by labelling these findings as “misinformation” and a “myth”.
“It is not ‘Britain’s most stolen vehicle’, as reported incorrectly,” he said.
The retort comes after these figures have forced many insurers to reprice their cover, leading some Range Rover owners into an ultimatum. Either they must face a significant increase in premiums or sell up and move to a new set of wheels.
That is, of course, if their insurer is willing to provide cover at all. So if you’re worried about insuring your Range Rover we explore:
- Are Range Rover owners struggling to find cover
- Why is insurance for my Range Rover increasing?
- How much does it cost to insure and Range Rover
- How can I get lower insurance premiums
Read more: Are car insurance prices going up?
Running out of options
Aadil and Fatima Nazir, a couple from Ilford, east London, were expecting the premium on their Range Rover Sport SVR to increase. However, they were shocked when their insurer phoned them and said their vehicle was uninsurable.
Bought for £105,000 in 2020, the couple paid more than £3,780 for their insurance last year. This was already more than double the £1,436 premiums they paid in 2021.
Shortly after receiving the call, Aadil contacted several other providers, including Land Rover’s own insurance arm, to see if they would cover his car. They all declined.
Times subscribers can read more about Aadil and Fatima’s story here.
Why is insurance for my Range Rover increasing?
One of the reasons why Range Rover owners like Aadil and Fatima Nazir are finding it difficult to insure their Range Rover is the model’s high theft rates.
According to the Driver and Vehicle Licensing Agency (DVLA) data analysed by Confused.com, one in every 100 Range Rovers were stolen in the 12 months to March 2023. For the Range Rover Velar R-Dynamic HSE D180 A, the company’s most stolen model when the release came out, the number rises to two in every 100 vehicles.
This put it ahead of Mercedes Benz and Ford who made second and third place respectively.
Last month these figures were updated under a freedom of information request from the Daily Mail. It found that three of the top five stolen cars in the UK were Range Rover models, including the Velar and Sport.
In addition, Range Rovers are typically luxury vehicles. Given that some of the higher end models cost nearly £200,000, replacement parts don’t come cheap.
This also plays a role when insurers determine their premiums.
“Technology adds a layer of complexity to claims with many cars now including technical parts which can be more challenging to obtain and replace,” said David Pearce, director of retail direct at AXA UK, an insurance provider.
Read more: The best car insurance providers
Got breakdown cover? What about car insurance?
While automatically renewing your car insurance may be easier, comparing your options before you put pen to paper is always a good idea. That’s why the Times Money Mentor has partnered with Quotezone, so you can compare car insurance quotes from more than 110 different insurers to get the best deal. It’s free, simple to use, and can save you over £500*.
Compare car insurance quotes
*51% of consumers could save £504.25 on their car insurance. The saving was calculated by comparing the cheapest price found with the average of the next five cheapest prices quoted by insurers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from September 2023 data. The savings you could achieve are dependent on your individual circ*mstances.
How much does it cost to insure a Range Rover?
According to Quotezone, a car insurance comparison engine, comprehensive cover for the average Range Rover costs just over £2,570. This works out to a monthly premium of about £214.
It’s a figure which has reduced in recent months after peaking in June.
Currently, the Range Rover Velar is the most expensive model to insure, attracting a typical premium of £3,470 a year. In comparison, last February it cost about £1,298 to insure.
However, these are just average figures. Your location also plays a significant role in determining your premium, with home addresses in cities such as London and Birmingham likely costing more.
Money Mentor used our whole of market comparison tool to find cover for a six year old Range Rover Vogue in North London, and only two providers were willing to offer insurance.
The quotes were based on a 40 year old person with 20 years driving experience and a no claims history. In addition, the driver was required to keep their vehicle on a secure driveway and pay an excess of £1,350 for any claim.
Both providers, insure2drive and GoGirl, quoted an average premium in the region of £27,560. The car itself fetches a value of around £40,000.
Use our comparison tool
Can I get insurance through Land Rover?
In response to these rising costs, Land Rover launched its own insurance for Range Rovers in October.
It has since generated more than 17,000 quotes for its customers at an average monthly premium of less than £182. This has come down from the average £200 quote the insurance arm gave in December.
However, not all their clients are receiving this cover – such as the instance with Aadil and Fatima Nazir.
Read more: How to get cheap car insurance
Can I get lower insurance premiums?
Your address is just one factor which affects the price of your car insurance – albeit a significant one. Not only does it provide your insurer with crime rates in your area, but it also relays the average number of claims, traffic population, and driver behaviour statistics.
According to Greg Wilson, chief executive of Quotezone, this also plays a role in pricing your premium.
The comparison website’s own data showed that London is the most expensive part of the UK to insure your car, with the average premium at nearly £855. In comparison, the more rural South West of England, which is home to Devon and Cornwall, is the cheapest area of the UK coming at an average of £512.
While you can’t do much to influence the statistics of your postcode, there are other steps you can take to reduce your premiums.
“Moving your car off a busy road and onto your driveway or into a locked garage can help lower premiums as it reduces the risk that it’ll get damaged or stolen. Parking on driveways rather than on the road can save you over £140 on average every year,” said Wilson.
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However, in the case of insuring a Range Rover in a major UK city, it’s unlikely these steps will lead to notable reductions in your premium.
Instead, some insurers are willing to insure your vehicle or reduce your costs if it has the right security in place, like a tracker system. It may be worth getting in touch with your preferred providers directly to see if this is an option.
It’s also worth noting that in October Jaguar Land Rover said it was investing more in the security of its vehicles. This means that models from 2022 are fitted with an enhanced security system, and the technology can still be deployed in older vehicles.
Jaguar Land Rover said it has been in contact with eligible customers to receive a security upgrade free of charge. The company has also urged local owners to get in touch with their dealership to find out if they can take advantage of these upgrades.
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