Update your MID
You can update your MID in the following ways:-
- Update Online
- Contact your insurance broker or the office where you took out the policy
About the MID
The aim of the motor insurers database is to reduce the incidence of uninsured driving in the UK, which currently costs the person who arranges insurance a higher premium.
To enable the relevant authorities to ensure each vehicle is insured. The Insurance Industry established a central database called the motor insurance database.
This has run for many years in relation to privately owned and specified insured vehicles, such as private motor, taxi and commercial vehicles.
In January 2003 the fourth EU directive was introduced which in addition to the requirements of the UK authorities required all members of the EU to retain on a central database all vehicles insured within that country to allow for any other member state to check the insurance of other member states. As a result of this the motor insurance database extended to include motor traders, fleet operators and any fleet type policy.
Tradex Motor Policies
Tradex automatically updates the motor insurers database with any vehicle insured with them on a specified vehicle policy. This also includes any fleet or fleet type policy since Tradex do not provide any unspecified vehicle policy covers.
The exception to this is the motor trade policy.
It is your responsibility to notify a vehicle to the MID. Failure to do so can result in your policy being cancelled, prosecution by the appropriate body which may result in a possible fine of up to £5000, and your details being recorded on the database as a defaulter.
Vehicles you need to disclose
Permanently owned vehicles for your Business and Pleasure
- You are required to advise the details of any vehicle you own
- Any stock vehicle you are using for the purpose of Social, Domestic & Pleasure
- Any Trade Plate
This must include any additions, deletions or change of registration details.
Vehicles you do not need to disclose
Passing through vehicles
These comprise of:
- Customer vehicles in your custody for a specific reason, i.e. repair/cleaning/servicing/sale or return/storage. The ownership remains with the customer and since he will be able to comply with the 4th Directive by identifying the dates the vehicle was in your custody or control, there is no need to disclose.
- Your own stock vehicles for the purpose of sale or resale’s. This is a more difficult area to define as there is no need to disclose those vehicles which are in your possession for resale, or demonstration purposes under trade plates. But, should you decide to use any of these 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. But you must have disclosed all Trade Plate numbers to us as we are required to log these registration numbers with the MID.
You are required to maintain your own records and retain these details for a seven year period but do not need to advise on an “as and when” basis of any:
If you restrict your policy to customers only cover for motor trade use you can claim a discount in your premium.