McLeod Insurance look for solutions to insurance problems and insuring road parked Range Rovers is high on that list. Today’s insurance marketplace is full of larger brokers that use broad strokes to assess the risk of potential clients and are looking for ‘one size fits all ‘ policy documents.
If they can place you in a box along with a few thousand other clients that they consider to be broadly the same risk profile then it is much easier for their brokers to write up a policy. Road parked Range Rovers in London is one niche situation where this one size fits all policy does not work.
Road Parked Range Rovers in London
Due to the increase in risk associated with road parked Range Rovers in London insurance premiums are rising. In fact some of the national, or even international brokerages, are looking to avoid insuring them all together. The business model of these larger insurance brokers means that they are not looking for clients with special or unusual requirements. They are looking to write up policies for the masses and ultimately it is a numbers game for them.
Either they look to hike the premiums over and above a competitive rate so that they are happy to take on the risk, or in increasing cases they are not looking to insure road parked Range Rovers at all! Here at McLeod Insurance we seek out these niche areas and provide specialist bespoke cover for our clients.
Specialist high value insurance underwriters insure much of the UK’s high value performance vehicles.
When considering the right insurance policy for you, it is likely the higher the value/performance of your car will point you in the direction of a High Net Worth insurance company. Cover is usually broader than standard insurers and service is usually much better. In addition, as these insurers insure much of the UK’s high value/performance vehicles, it understands the rating level better than a standard insurer.
This could mean that whilst providing better cover/service, it may also be more competitive. We specialise in High Value Insurance and deal with these Insurers on a daily basis. We have built up relationships over many years and understand the requirements of our clients.
Nearly all London based Range Rovers are road parked.
All of our clients have high value motor vehicles and thanks to the congested nature of our capital city, those of them that live in London often have road parked vehicle insurance policies.
Often our clients live in properties that cost many millions of pounds and yet still their Range Rover is road parked. If this sounds like your circumstance it is very likely that we will be able to assist you with your requirements.
This is a niche area and requires a bespoke insurance broker to navigate the policys available. In many cases, we are able to achieve a reduced premium with extended cover.
High Net Worth Insurance Companies offer the broadest cover in the market that includes:
• Agreed Value
• Open driving
• Comprehensive driving other cars
• European Breakdown Cover
• New car replacement cover
• Choice of own repairer following an accident
A spate of Range Rover thefts changed the insurance market back in 2014.
In 2014 the insurance landscape changed for Range Rovers following a spate of thefts, mainly across London. It got to a stage where Insurance Companies would only consider insuring these vehicles if kept behind secure gates or in underground parking.
The main reason for the surge in Range Rover theft was due to their keyless ignition systems, which thieves managed to bypass using a clever handheld device.
294 Range Rovers Stolen in London over a 6 month period.
According to Thatcham research, 294 Range Rovers were stolen in London over a 6 month period in 2014. With many of these stolen vehicles being insured by High Net Worth insurance companies such as Chubb, AIG, Aviva, Zurich Private Clients etc.., it was little surprise that these losses put a handbrake on these insurers offering cover.
By paying out on one theft, they were once again putting themselves at risk by insuring the replacement Range Rover that was subsequently purchased.
Since this time Land Rover have fought back by fitting their own ‘incontrolsecure’ security and satellite tracking system that has led to more than 9 out of 10 stolen 4×4’s being recovered. The system includes a smartphone app that locates your car when parked, checks your fuel level, records journey times, distance and fuel economy.
It also has a ‘SOS Emergency’ function allowing the car to automatically call for assistance after a crash when the driver and occupants may be incapacitated.
Thanks to these innovations we have found that more policies are available if you have access to the right markets. We can often assess whether we can assist a potential new client just by looking over his policy documents from the previous year. The devil as they say is in the detail. We work in this area all day long and therefore know where to look for potential savings and solutions.
The top 10 stolen vehicles in 2016, according to Tracker were:
1. BMW X5
2. Range Rover Sport
3. BMW M3
4. Mercedes C Class
5. Mercedes E Class
6. BMW 3 Series
7. Range Rover Autobiography
8. Range Rover Vogue
9. Land Rover Defender
10. BMW 5 Series
Whilst many higher value Range Rovers are now fitted with a Thatcham Category 6 tracker, most insurance companies will request at least a Thatcham category 5 is fitted.
Why a category 5?
Quite simply, the factory fitted security is not good enough to fight off the car thieves. Some of the benefits of a Category 5 tracker are as follows:
1. 24/7 control centre monitoring
2. Police authorise immobilisation
3. Level 1 police response
4. Advanced GPS plus GSM tracking technology
5. Driver recognition system (DRS), protecting against key theft/cloning
6. Tamper alerts
7. Tow away alerts
Whilst there are nationwide tracker fitters, our recommendation has been with TSN Automotive due to their excellent service and excellent rates. In addition, preferential rates can be negotiated for McLeod Insurance clients.
Should you have a high value car, or high performance car, then McLeod Insurance will be delighted to help place your insurance with a suitable insurance company. Richard McLeod’s 27 years of experience has forged strong relationships in this niche area of insurance.