Motor insurance news
10/01/2008

MIB technology may lead to cheap car insurance boost

New technology has been developed that allows police to find and deal with uninsured cars more efficiently, leading to a significant rise in the number of cars being seized in 2007. This suggests that a rise in the number of people seeking cheap car insurance in 2008 can be expected.

The figures released by the Motor Insurers Bureau also show that 30% of uninsured cars that are seized are never reclaimed, leaving the police to pick up the cost of dealing with the vehicles.

Uninsured cars that are involved in accidents leave the MIB to compensate those involved; as the organisation is funded by all UK insurance companies, even a cheap car insurance quote has a small part that goes to cover the costs of illegal drivers.

Ashton West, chief executive of the MIB, drew attention to the fact that claims to the MIB were already down 4%, and hoped that a further drop in claims would follow as more cars were seized in 2008. If the costs of running the MIB can be lowered so that the levy on each insurance company drops, this will create an opportunity for all companies offering cheap car insurance to drop the premiums they charge their customers too.

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