The Motor Insurers Database – Who are they and what does it mean for you?

At Isis Insurance we are committed to providing all of our clients with the highest levels of service and information.

 In this, the first of a series of articles around the Motor Insurers Database, we look to explain their increasingly important role they play within the UK.

This article will be particularly interesting to our haulage insurance, truck insurance and fleet insurance customers

The MID is a centralised database of motor insurance policy information of all insured UK vehicles.

At conception, the MID was intended to be a tool in the reduction of uninsured driving in the UK (a problem which cost the industry £215m in that year alone and now costs in excess of £500m). 

ALL insurers who underwrite motor insurance for vehicles on UK roads are obliged to be members of the MIB and to submit the policy details of ALL vehicles to the MID.

The process of getting the information to the MID is managed by MIB but the data is loaded directly by the Insurers and their representatives.

There are targets for insurance companies to get their data onto the database in a timely and accurate manner.

Updates are made to the database round the clock, every day of the year. Insurance companies and those acting on their behalf endeavour to get data about new policies and revisions to existing policies to the database as soon as they can. However, policy information cannot always be updated to the database immediately.

Insurers are financially penalised if their data does not reach the database within timescales set.

We will continue our look at the MID in future articles, but in the meantime we would emphasise the need for all of our clients to understand the need to inform us of any changes of vehicle under their HGV insurance and Truck Insurance policies as soon as possible, and always before taking the vehicle onto the public highways.

More information is available at www.mib.org.uk

This entry was posted on Wednesday, June 9th, 2010 at 5:43 pm and is filed under HGV (Haulage/Truck). You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.