The brand has invested millions of pounds to upgrade the security of its cars while insurance prices have more than doubled for some models.
ADVERTISEMENTRange Rover models of the iconic British manufacturer Jaguar Land Rover (JLR) are too desirable for their own good. The high-end cars have been increasingly on thieves' radars in the UK, making insurance premiums skyrocket.
Theft reports to the police concerning the Land Rover Range Rover surged by a significant 47% from 2021 to 2022, and the trend continued in the first months of 2023 too.
Six of the 10 most-stolen car models in the UK in the year to March 2023 were Range Rovers, according to Bloomberg, citing data from the Driver and Vehicle Licensing Agency.
Approximately every 100th Land Rover got stolen in the year ending March 2023.
The trend has had a major impact on insurance prices, causing second-hand Range Rovers' value to tumble.
Used Range Rovers' prices have fallen 9.3% since May 2023 to £35,224 (€41,028), showing a distinctive dip compared to declines of 5.7% for all luxury SUVs and 2.8% for all cars, reported Bloomberg, citing data from car site Auto Trader.
Owners could find themselves in debt if they try to sell their Range Rover. Bloomberg reported on a case where a Sport SVR lost more than half of its value in two years, from £103,000 to £45,000.
Although keeping the car could also turn out to be a money pit, the eye-watering insurance premiums could reach more than £48,000.
JLR is now considering a bespoke insurance product for UK customers, the manufacturer said in a statement to Bloomberg.
Why are Range Rovers such a theft magnet?
Range Rovers are in high demand in the UK and globally, making them a target for thieves who invest in technology to steal them.
One common method they use is "relay attacks," using electronic devices to amplify the key's signal, even if it's inside the house. This stolen signal is then sent to a transmitter, effectively serving as a key.
JLR said it is working closely with the police to learn as much as possible about the methods used by thieves.
The brand also announced that it had spent £10 million on security updates for 65,000 Range Rover and Range Rover Sport vehicles made between 2018 and 2022. Due to the updates, JLR said, thefts of vehicles made during these years had fallen 40%, according to Bloomberg.
