Hands-on Technology Executive | Insurance/Reinsurance | CIO | CISO | Data & Analytics | Security | Governance
Gone in 60 seconds…or fewer. As a fan of everything automotive and someone who works in the insurance industry, I love it when I find stories that intersect both cars and insurance. I was recently in the UK and at one point found myself strolling around the streets of Bayswater in search of a gift. In my walk I noticed that every parked Range Rover I saw was equipped with a “Disk Lock”. It turns out that Range Rovers are one of the most stolen vehicles in the UK, to the extent that Jaguar Land Rover (JLR) had to set up their own insurance offering to help owners - and that those same owners sometimes won’t even receive quotes from JLR’s own insurance company. It’s amazing that the combination of desirability and apparent lack of security have made this such a hot topic in the UK. Is JLR a victim of their own success? Or would more robust security have helped mitigate this situation? How much does it cost to insure a Range Rover? - Times Money Mentor https://lnkd.in/eC255s65
What an interesting observation! It's fascinating to see how the automotive and insurance worlds intersect in such unexpected ways. It does seem like a case where the brand's success and desirability have created unintended consequences. We face similar situation in USA, the theft rate of certain Kias and Hyundais increased by 1,000% between 2020 and 2023. This made some carriers charge more for these cars. More robust security measures might have helped mitigate the issue, but it's also a testament to the brand's appeal.
Mike Fried
2mo
My car is rigged to explode if someone doesn’t use the coded car key
David Joiner
2mo
I saw a video on this recently, Tom. Unbelievable to think that JLR’s own insurance company are occasionally unable to insure one of their own.
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2moThe issue is more widespread than JLR. All cars with "comfort entry" is susceptible to it, though obviously some vehicles are more attractive to thieves due to their attractiveness as a whole or in parts in the "black market". While these features have been around for a while, it is indeed interesting that consumers seem oblivious to these security issues, which could be mitigated without much inconvenience. For example 2 Volvos were taken from my old neighbourhood in London from the owners driveways, both with no physical security in place and the keys not in faraday pouches. There is an argument for more robust security particularly from automakers but it is indeed an arms race. But I feel insurers could do more to help customers develop better habits beyond just raising premiums or refusing to insure them in certain circumstances. For example a former employer used to distribute leak detection devices to high value properties it introduced to help reduce instances of water leaks causing damage to properties. Perhaps such a proactive approach maybe useful in the context of high value vehicles as well. On a separate note, would love to know where you get the great graphics you use in your posts from!