What is the MID
The 4th EU Motor Insurers Directive stipulates that all motor insurers supply the MIIC (Motor Insurers’ Information Centre) with policyholders’ details for the Motor Insurance Database (MID).
For single vehicle motor policies, this is straight forward for the insurance companies to supply this information; however in respect of unspecified multi-vehicle policies such as motor trade insurance they are reliant on the policyholder updating the information accordingly.
The MID is the Law!!
The Motor Insurers’ Information Centre (MIIC) has warned “Authorities prepare to chase those who continue to flout the law by failing to supply data.”
Failure to comply could result in a monetary fine & there is also the potential loss of Motor Insurers’ Bureau (MIB) membership, which will result in your insurer not being able to sell motor insurance in the UK. Whilst this is a somewhat clinical statement it remains a fact that people and businesses in the motor trade are required by law to keep the database upto date.
Remember – The Motor Insurance Database for the Motor Trade IS NOT AN OPTION!
Its not until you really understand the motor trade that you realise its a very complex subject, its not just about getting a piece of paper to prove statutory cover is in place
Working in the motor trade, its essential that you have the right type of insurance in place, dealing with a specialist motor trade insurance broker such as Real Insurance, will provide a much better understanding
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