Jaguar Land Rover is attempting to slash car insurance prices for vehicle owners as many struggle to get coverage for their cars after a number of high-profile thefts.
Car insurance prices have been soaring for months, with most drivers being forced to pay more than £1,000 for their policy.
Younger drivers have been hit with the most expensive costs, with some being required to pay as much as £3,000 for their premiums.
In some rarer instances, car insurance companies have quoted drivers with policies as high as £30,000, particularly for more valuable vehicles, like Land Rovers and Range Rovers.
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Two Range Rover models are eligible for the insurance price cut
LAND ROVER
To combat the expensive price hikes, Jaguar Land Rover has announced it will offer a £150 monthly insurance contribution for up to three years.
The limited-time offer will apply to drivers when they buy a new Range Rover or Range Rover Sport.
If someone purchases the applicable vehicles, they must ensure they are registered between May 1 and September 30, with a maximum vehicle value of £150,000.
All drivers must be between 30 and 85 years old, with the offer excluding the popular Range Rover Velar and Evoque models.
To make use of the offer, motorists must activate their cover at least 48 hours before collecting their new Range Rover, with retailers providing information on the vehicle registration number, confirmed vehicle collection date and customer order number.
Jaguar Land Rover launched its own car insurance service last year in a bid to clamp down on owners of vehicles dealing with massive car insurance costs, which many have put down to them being targeted more frequently because of their ticket value.
The automotive giant aims to set itself aside from other insurers through bespoke plans only available to drivers with no deposits or interest charges.
It followed a JLR investment of £10million to boost vehicle security after a spate of keyless car thefts across the UK, many of which targeted high-end, luxury cars.
Since it was introduced in October 2023, JLR said the average monthly premium for the policies was less than £200, cheaper than other external insurers.
With fully comprehensive insurance, any and all repairs carried out by the company are completed using a JLR-authorised body shop, using only genuine parts.
Speaking at the time, a JLR spokesperson said: “Customers of luxury cars and other luxury items are experiencing an increase in thefts due to organised criminal activity in the UK.
“The desirability of our luxury vehicles, coupled with concerns around thefts, has recently led to challenges in obtaining insurance cover for some clients.
LATEST DEVELOPMENTS:
JLR insurance has average costs of less than £200 per month
LAND ROVER
“We are fully committed to doing everything we can to address this by adopting a multifaceted approach: from our significant investment in vehicle security, to now providing our own insurance.
While our new insurance proposition is a key milestone, we want to reassure clients that we will continue monitoring and refining our service so that even more clients can take advantage of it.”
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.