Some insurers are turning down four by four car insurance after those vehicles and their parts were stolen, which have doubled over the past decade.
This is based on research by Broadway Insurance Brokers published today. This indicated that insurers are concerned that some of these vehicles are not equipped with proper tracking devices.
Eleanor Moore, director of retail banking at Broadway Insurance Broker, stated that some four-by-four vehicles are still being denied insurance because their trackers are viewed as inadequate. In addition, insurance provision is increasingly influenced by the value and location of the vehicle.
Moore said, “The tightening of insurance conditions for these vehicles, or the refusal to provide coverage altogether, is an issue that has become increasingly evident over the past year.
“It is only natural for insurers to monitor patterns in the nature of the claims being made, and they have certainly recognized the fact that theft of cars or auto parts has increased by a quarter over that period.”
Further figures show that some of the best-selling four-by-four models are some of the most stolen vehicles in the UK.
For example, recent data from the Office of National Statistics (ONS) showed that 12% of all break-ins in England and Wales in the 12 months ended March last year involved theft of cars or auto parts – twice as much as 2010.
Although the number of break-ins and car keys stolen was 11% for the second year in a row, it is almost three times what it was five years ago.
Moore continued, “Insurance is all about risk, and four by four models seem like a common target for thieves. [insurers] were more specific about the conditions under which they offer cover or not.
“An operational tracking device is now a regular requirement before a quote is even made. Even so, we have seen many cases where vehicles with trackers, including those fitted as standard by their manufacturers, are rejected because they do not provide adequate protection. “
Meanwhile, Moore added that some drivers’ failure to understand the fine print of their insurance policies has created costly problems.
For example, a customer saw a claim that was denied by their insurer after their car, which was equipped with a tracker, was stolen.
It was later revealed that he had not renewed his tracking subscription, which meant the device was inoperative at the time of the theft. This left him liable for £ 40,000 in car finance payments.
Moore also pointed out that in certain areas of the country preferred by car thieves, motorists were denied insurance, while those with similar vehicles living 50 miles away could still get insurance.
She added, “It is important to remember that insurers are not required to cover. It is a responsibility of both the insurer and the insured. Those motorists looking to finalize and renew policies for their cars need to make sure they understand and comply with the fine print.
“This fine detail isn’t necessarily something that is always easily recognizable when shopping for covers online, but it is [it] This is one reason why we have been asked for help by a growing number of drivers who want guidelines that are fit for purpose and not leave them without their vehicles or out of pocket. “