Reports had suggested the Range Rover Velar was the most stolen car in the year to March 2023, with more than two out of every 100 reported stolen.
Some owners have also claimed they have had to take their vehicles off the road due to soaring insurance costs related to theft rates.
“It is not Britain’s most stolen vehicle, as reported incorrectly,” Mr Mardell angrily told reporters after the company announced its latest financial results.
“There is no reason whatsoever why any insurance company should not gladly and readily insure those new vehicles. Zero reason, in any part of the country.”
“The insurance industry clearly are not using the information and the data. They are very slow to respond to data”, he added.
In October last year, the company relaunched its own insurance cover due to soaring costs and the refusal of some companies to insure the vehicles.
But he said only 11 out of a total of 12,800 new Range Rover models sold had been stolen, citing police data.
Range Rovers, often used by celebrities, politicians and even royalty, can cost anything between £40,080 to almost £200,000 for more advanced models.
Mr Mardell also urged ministers to increase spending on policing to prevent car thefts rather than making tax cuts ahead of the Budget.
“I would rather funds be put towards this rather than tax cuts next year. This is important to so many people. It goes to the fabric of the society we’re in. We’ve got to sort this out,” he said.
“We’ve got to make it more difficult for gangs and people to operate. We’re partly funding police security at the ports because there isn’t enough. The containers are not being checked, and they get out of the country.”