Motor insurance news

Brokers advised to submit cheap car insurance policy changes to MID on daily basis

Allianz Cornhill is warning cheap car insurance brokers to get ready for new regulations regarding the Motor Insurance Database which are set to take effect next year.

At present, brokers have 14 days to submit details of newly-sold policies to the Motor Insurance Database (MID). However, this period is being reduced to seven days on January 1st 2008 so brokers specialising in cheap car insurance must be prepared to speed up their submission times by then.

The reason for the reduction in time limits is that more and more queries are being made on the database, especially from the DVLA and police. This increased usage means it is essential that the information kept within the MID is as accurate as possible.

Allianz Cornhill advises car insurance brokers to start implementing the quicker submissions well before the beginning of 2008 and aim to be reporting back to it on a daily basis. It also recommends monitoring customers' cheap car insurance policies to identify those who have failed to renew and may be on the roads without any motor insurance.

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