With a dramatic increase in value, we are urging clients with Land Rovers to “check their worth and let their insurance brokers know the revised value as soon as possible”
When a vehicle goes out of production, its value falls, and the model disappears, leaving only memories. Not so the Defender. In production since the forties, it eventually rolled off the production line for the last time in 2016, aged 67, and values started to increase.
It may have been vintage, but almost immediately, it became a sought-after icon. People loved its heritage, its looks, its engineering. They liked to buy old wrecks to restore them. They lavished time and attention on youngsters. Whether climbing the kerb in Chelsea or cruising the Kalahari, the Defender’s popularity never stalled. Above all, and especially since there were to be no more of them, enthusiasts started to pay more and more – regardless of condition.
Edith Jones, Account Executive for the North and Dumfries, describes the popularity for the Defender, and the insurance market that supports it: “Since they are not making them any longer, the Land Rover is extremely sought-after. We’ve noticed an increase in the number of our clients requesting to alter their value on their prized Land Rovers – and not downwards!
We knew values were increasing and they were becoming increasingly few and far between, and we are now urging owners to consider the value of their treasured 4×4. Prices of Defenders are rising everywhere, both in the UK and internationally.”
The sometimes-sky-high prices have also made the Defender far more attractive to thieves, and therefore even more vulnerable, due to the number of vehicles being stolen to order, either for parts, or for the whole vehicle. So, in addition to being popular to buy, they are also favourites to steal.
Edith adds her advice for owners of the classic vehicle: “Not surprisingly, it would be wise to let your insurance provider know the new value as soon as possible to ensure you are adequately insured. Often there is no additional charge for amendment, and you have the reassurance that should your prized vehicle be stolen you will at least receive its true value. It is also important to notify your broker of any vehicle modifications which if not declared, could be detrimental in the event of a claim.”
The Insurance companies will only pay out for what owners have insured them for, so the amount stated on the proposal form is extremely important. It is up to the owner to assess the value of their often appreciating asset. This also applies to other older vehicles, as even second-hand tractors are also seeing an increase in value.
“Since your Land Rover is likely to be thought irreplaceable, prevention is also worth a thought. The main question to ask yourself is, are you insured for an adequate figure?” concludes Edith.
Please contact our office on 01228 406290 for advice on your Land Rover insurance cover.