The CEO of Jaguar Land Rover, Adrian Mardell, strongly refutes the claim that his company’s vehicles, especially Range Rovers, are more prone to theft. Addressing the media after announcing financial results, Mardell accuses the insurance industry of unfairly singling out his business and neglecting relevant data when determining coverage and premiums.
Last year, Jaguar Land Rover introduced its own insurance after some drivers struggled to obtain coverage. Reports, including those from Bloomberg, suggested that the Range Rover Velar model was the most-stolen car in the year to March 2023, with over 2% reported as stolen, citing data from the UK’s Driver and Vehicle Licensing Agency.
Mardell contends that thefts of Range Rovers dropped by 27% last year compared to 2022, emphasizing the security features of new models. For instance, he states that out of 12,800 sold of the latest Range Rover model, only 11 vehicles were stolen according to police data.
The CEO challenges the insurance industry, asserting that there is no reason why insurers should hesitate to cover these new vehicles. He criticizes the industry for being slow to respond to relevant data and suggests that they are not utilizing available information effectively.
Jaguar Land Rover plans to invest £10 million in vehicle security to combat keyless thefts. The company has already spent £15 million updating older vehicles with enhanced security software, preventing thieves from cloning remote car keys. Mardell also mentions the company’s contribution to police funding to improve port security and prevent stolen vehicles from being shipped out of the country.
As concerns about car thefts grow, particularly luxury models like Range Rovers, carmakers are grappling with potential impacts on demand for their vehicles. Mardell’s strong denial underscores the company’s commitment to addressing the issue and promoting the security of its vehicles.