Updating the MID
Most motor trade insurance policies are on an unspecified vehicle basis which means it is important to keep updated the information required, as part of the Motor Insurance Database regulations which are :-
– Registration numbers for vehicles owned by the client and those specifically covered on their Motor Trade policy.
– Those vehicles that are to be used by customers whether a Courtesy Vehicle, Loan Vehicle or Demonstrator, those vehicle registration numbers owned by the client must be included on the MID.
– If you have a set of trade plates, the number must be logged on the MID.
Remember also that vehicles must fall into one of the two categories, they are either SORN and if they are not they HAVE to be on the MID
At the time of writing, the deadline for notification is 14 calendar days.*
This means that vehicles held between 1 and 14 days will be excluded under the de minimis exception, but that all vehicles held longer than this, and covered by the Motor Trade Insurance policy, will need to be notified.
In the case of an untaxed vehicle, the number that will be supplied by the user, will be the trade plate.
*The deadline stated is current at 10/2009 and is subject to change without notice, it is your responsibility to ensure that you comply with the regulations which means making sure you acquaint yourself with the applicable period at the time.
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