Why updating the MID can save you money on Motor Trade insurance Uninsured drivers currently cost UK motorists over ?500 million per year and this means that every UK insurance premium are increased due to motor insurance cheats.
When you take out a Motor Trade policy you will be required to update the Motor Insurance Database directly using a centralised web service. To ensure your Motor Trade policy provides cover for all your vehicles, it is essential that this information is updated to include any new vehicles in your posession.
All vehicles insured on your motor trade policy and all trade plates owned should be added to the MID, including:
- All permanent vehicles (i.e. vehicles registered to, owned by, or leased to you) and any vehicles whose use is regularly covered by the policy (e.g. employees’ vehicles)
- Temporary vehicles held for more than 14 days (e.g. borrowed vehicles)
- Taxed stock vehicles (if held for more than 14 days)
- Vehicles for which only contingency insurance is held if they are kept for more than 14 days
The accuracy of the vehicle information you provide is vital. If you realise that some of your vehicle details are wrong, you need to correct them as soon as possible, preferably the same or next day.
Updating the Motor Insurance Database helps combat insurance fraud and helps us to provide you with low cost Motor Trade Insurance. Why not get a motor trade quote today and start saving money on your motor trade insurance.