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Catch up with the latest press releases from LV=

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Average value of a stolen car up almost 40%

Press release: 25/07/2009

  • London, Manchester and Cardiff are the most likely places for a car to be stolen

  • Average age of a stolen vehicle has fallen from 10 to eight years in the last five years

  • Average insurance rating of cars being stolen gone from group 10 to group 20


Top-end cars are at increasing risk of theft as thieves opt for the higher value gains from targeting more expensive vehicles, new data from car insurer LV= has shown.

LV= claims data shows that the average value of a motor theft claim rose by 38% between January and May this year, compared to the same period last year. Compared to 2007 figures the increase is 44% indicating a long term trend towards top-end vehicles being deliberately targeted by thieves.

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 owners 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."

London tops the list for worst rates of car theft. Birmingham suffers from the highest proportion of actual vehicle thefts, but in contrast has one of the lowest frequencies of thefts from cars.

John O'Roarke continued:

"Our data indicates that motorists need to take extra care if they drive a car that may be 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."


Notes

All data sourced from LV= internal claims information.
* Figure from British Crime Survey 2007/08


LV=

LV= offers home, car, pet and travel insurance direct to consumers online at www.lv.com and from its offices in Bournemouth, Croydon and Bristol.

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

LV= employs more than 3,800 people, serves more than 3.5 million customers and members, and manages around £7bn on their behalf. We are also the UK's largest friendly society (Association of Friendly Societies Yearbook 2006/2007, total net assets) and a leading mutual financial services provider.

LVFS is authorised and regulated by the Financial Services Authority and entered on the Financial Services Authority Register No. 110035. LVFS is a member of the ABI, AMI, AFS and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.