LV= Research Shows Car Thieves Targeting Top End Motors

Released on: August 17, 2009, 5:42 am
Author: LV=
Industry: Financial

LV= has revealed that the average car theft claim has increased in value by almost 40% this year compared to 2008 and is warning owners of expensive cars that thieves may be more likely to target their vehicles.

Between January and May 2009, data from insurer LV= shows that the average claim rose by 38% compared to the same period last year. Compared to figures from two years ago there is an increase of 44%, indicating a trend that thieves are deliberately targeting cars with a higher value. The average insurance rating of cars being stolen has gone from group 10 to group 20.

As well as seeking out higher value cars thieves are also looking at the age of the car. The average age of stolen vehicles has fallen from ten to eight years old since 2004. However it isn't all bad news for drivers as the overall number of cars being stolen dropped by 11% between 2007 and 2008*.

John O'Roarke, managing director of LV= car insurance, said: "Over the last few years there had been a significant decline in the numbers of cars being stolen but a sharp increase in the value of cars being targeted by thieves. Cars have better security measures on them than ever before so many opportunist thieves simply don’t bother anymore. It would appear that the cars that are being stolen are specifically targeted by thieves who will often break into the owner's property to steal the keys. Many of these cars are then exported to be sold overseas. Owners of top-end vehicles, like Porsches, BMWs and Jaguars need to be even more vigilant to keep their cars safe."

"Our data indicates that motorists need to take extra care if they drive a car that maybe particularly attractive to thieves. Having an immobiliser or tracker device fitted, and ensuring the car is kept in a locked garage will not only keep your insurance premium down but will help towards keeping the car safe."

The LV research also revealed that the three most likely UK cities for a car to be stolen from are London, Manchester and Cardiff.

Notes to editors
All data sourced from LV= internal claims information.
* Figure from British Crime Survey 2007/08
http://www.homeoffice.gov.uk/rds/pdfs08/hosb0708chap2.pdf

About LV=
LV= offers home and car insurance as well as pet and travel insurance direct to consumers by telephone from its UK call centres in Bournemouth, Bristol and Croydon and online from its website.

LV= is a registered trade mark of Liverpool Victoria Friendly Society Limited (LVFS) and a trading style of the Liverpool Victoria group of companies.

LV= employs more than 3800 people, serves around 3.6 million customers and members, and manages around £7 billion on their behalf. LV= is also the UK's largest friendly society (Association of Friendly Societies Key Statistics 2008, total net assets) and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority register number 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF

For further information please contact:
Emma Holyer
Press Office
LV=
69 Park Lane
Croydon
CR9 1BG
0208 256 6714
www.lv.com