MID Update Process Easier for Motor Trade Insurance Clients

Many motor trade insurers are now providing their clients with online systems to access and update the MID directly. Customer Services manager at market leading motor trade insurance broker Trade Plan Insurance, Daniel Dove believes that motor traders should already be seeing the benefits of the MID with reduced levels of aggravation.

Initially when the MID was implemented there was some resistance amongst the motor trade community. The requirements presented and unwanted inconvenience for the self employed often frantically busy motor trader. At Trade Plan we have always led the way in assisting clients in order to make updating the MID as easy as possible. We saw the benefits of the legislation and fully supported it. Therefore, we provided our online submission forms and mobile phone app to allow motor traders the ability to submit their updates accurately 24/7.

Recently leading motor trade insurer Tradewise Insurance went live with their own online system for MID submissions. It is hoped the system will reduce the number of queries the MID generates due to genuine oversights and mistakes made by Motor Traders who often update their policies with duplicate records, incorrect vehicle details (where the make/model does not match the registration number) and or fail to populate their record with any vehicle details.

Daniel explains, ‘There has been a long educational and bedding in period for the MID but in the long term it can only be beneficial to the motor trade insurance market. Motor traders pay significantly higher motor premiums than private car drivers due to the increased exposure for insurers with professional drivers being on the road much more. Ensuring that as few uninsured drivers are on our road as possible is crucial to reducing the burden they place on law abiding motorists.’

Since the Spring of 2011 the M.I.B. (Motor Insurance Bureau) and the D.V.L.A. have stepped up their enforcement activity. Now the registered keeper of a vehicle must make sure that it is either insured at all times or the vehicle is registered as S.O.R.N. with the D.V.L.A.

Daniel continues, ‘This co-operation saw the biggest surge in the number of MID queries that the police generated to our office since the MID was first introduced. However with the motor traders now even more aware of their need and the importance of updating the MID we have seen queries reduce again. The next area for the government to tackle to help drive down the cost of motor trade insurance is fraudulent personal injury claims.’