Updating the Motor Trade Insurance Database
Buying and selling cars is often a vital process for any car trader. Quite often a trader will only have a vehicle for a short period of time before it is sold on. For domestic car buyers, a temporary insurance is used to get the vehicles home but this is not possible for a car dealer.
If you are a car dealer though, you and the vehicle will be covered by your trade cover. You do however need to keep the Motor Insurance Database (also know as MID) up to date. The advice from the Motor Industry Bureau (also known as MIB) is that you update this immediately.
If you are unsure on how to do this and have your insurance through us, feel free to contact one of our team and they will talk you through it.
It is as vital that you remove vehicles from the index as it is to add them.
Removing the vehicle ensures that you are no longer liable for any accidents after a sale. Should you not remove a vehicle once you have sold it and the driver you sold it to has an accident shortly after, you will be required to prove you sold the vehicle. Even worst, should that driver not have insurance and crashes into a third party, it could be you that ends up liable for the damages.
I buy lots of cars from auction, how do I update all these?
Some insurers allow the facility to upload a spread sheet of vehicles in one swoop. If you spend plenty of time at auctions, maybe invest in a laptop and update remotely before you go, that way you know you are covered.
You also need to register your trade plates with the MID
Search for Motor Traders Insurance.