Remember to remove vehicles from the MID that you no longer own, otherwise you may still be liable on your insurance in the event of any claim, even if it’s been sold!
Also you don’t need to add untaxed stock vehicles (which are driven on trade plates), but the MIB prefer that you do.
Trade plate numbers should also be notified to MID and in all cases policyholders need to specify in the file whether the VRM relates to a trade plate (‘T’) or a normal vehicle (‘U’).
Changes and amendments should be notified to the MID immediately.
If vehicles are not added, it could result in you being stopped by the police as your vehicle would appear to be uninsured, and therefore incur a fine. Alternatively, if a vehicle is not removed and is subsequently involved in a claim, you will be liable.
What you don’t need to notify to the MID
- Customer vehicles in your custody for specific reasons – e.g. repair, servicing, storage etc. In these cases, the vehicle’s ownership remains with the customer, so there is no need to disclose this information.
- Your own stock vehicles for the purpose of sale or resale, or demonstration purposes under trade plates. However, if you decide to use any of the vehicles for your motor trade use without trade plates – or for any personal use – then such vehicles must be disclosed.
- Vehicles driven under Trade Plate regulations – however, all Trade Plate numbers must be disclosed already to the MID