Posted by Anthony CarboneSeptember 1, 2011 at 4:15 pm
Vehicle owners and motor traders should be aware that there have been significant and important changes made to motor insurance law. While it is vital to be aware of these new changes, it should also be recognized that the best way to stay within the law is to secure a strong and thorough motor trade insurance policy from a reputable provider like Staveley Head.
But what are the new legal requirements for vehicle owners and motor traders? Basically, all vehicles owned and registered in your name must be fully insured unless it has been declared by the DVLA (Driver and Vehicle Licensing Agency) as being SORN by receiving a Statutory Off Road Notification.
Neglecting to have your car officially declared SORN will mean your insurance policy record will be absent from the MID (Motor Insurance Database) which could ultimately lead to prosecution for not possessing valid motor insurance and a penalty fine.
It is therefore vital for vehicle owners to ensure the vehicle or vehicles registered under their name have either been declared SORN by the DVLA or are fully covered by an up to date motor insurance policy. Failure to do so could prove to be extremely costly, particularly if you have more than one vehicle failing to meet legal requirements.
Likewise, those in the motor trade must ensure that all their vehicles have been added on to their motor trade insurance policy and that all trade plates have been added on to the MID. Motor traders must ensure they send all necessary information updates to the MID as soon as possible, as fines can be significant.
Motorists driving without insurance cost UK motorists millions every year. The MID was created by the MIB (Motor Insurance Bureau) to combat this costly law breaking. The new legal requirements are a further step to dissuade vehicle owners and motor traders from neglecting their motor insurance responsibilities.
If you are a motor trader or vehicle owner and have vehicles not covered by motor insurance move fast to get them fully covered or you could be hit with a hefty fine for failing to meet the strict regulations of the new legislation.
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