Insurance companies are refusing to cover new Range Rovers in London after thieves found a way of bypassing their security features.
Unless owners of the luxury 4x4s have underground or secure parking, underwriters are said to be refusing to insure them.
The cars are being targeted because of their “keyless ignition” systems. Thieves have now found hand-held electronic devices available on eBay which can bypass the security feature.
The problem has grown so rapidly in the capital that insurers have asked to meet Jaguar Land Rover to discuss the issue.
Thatcham Research, the motor insurers’ automotive research centre, said that between January and July this year, 294 Range Rover Evoque and Sport vehicles were stolen in London.
During the same period, 63 BMW X5s, a rival to the Range Rover, were taken.
Keith Dowley, a commercial property adviser from south west London, bought a Range Rover this month after his last one was stolen from outside his house.
He said he was refused cover from AIG because he does not have underground parking.
When he contacted Range Rover he claims he was told it was his matter to resolve.
He told The Times: “I had to tell them, ‘No, this is your problem, I have just bought a £100,000 car from you, if I can’t get insurance, I can’t drive it, and if I can’t drive it, I don’t want it’.”
Mr Dowley eventually secured cover from another provider after agreeing to transfer all his business to them, including his house insurance.
James Wasdell, co-founder of Quantum Underwriting, said: “If you are an owner of a ‘street parked’ Range Rover (in London), even with the most sophisticated tracker, nine out of ten insurers will now say no.
However, we have been able to find a solution by combining the use of physical protection (for the car) and advising clients to insure all their assets with one insurer.”
Ashley Cole, from Aqua Underwriting, said the company had recently paid out on four stolen Range Rovers.
“With new business, unless there is underground parking or some form of secure parking and a category 5 tracker installed we will not insure Range Rovers,” he said.
A spokesman for Jaguar Land Rover said: “Our line-up continues to meet the insurance industry requirements as tested and agreed with relevant insurance bodies.
“Nevertheless we are taking this issue very seriously.”
