The working arrangement between motor Insurer’s to provide a fund from which claims from injured third parties may be met where these arise from a cause for which motor Insurance is compulsory but the policy of offending driver is ineffective or absent. Claims may also be considered from injured third parties where the guilty drive is unknown.
Tag: RAW
Motor insurance certificate
Proof of insurance in accordance with the Road Traffic Act 1988 in the form required by law. The certificate must be delivered to the insured party otherwise, for Act purposes, the insurance is not effective (s.147(1)). When cover is cancelled the certificate must be returned to the insurer within seven days or a lost certificate declaration completed.
Motor Insurance Database (MID)
Set up to combat uninsured driving. Contains information about registered vehicles, policyholder and insurance details. Mandatory data for privately insured vehicles is supplied by insurers. Fleet owners and motor traders must also supply details. MID links with the Police National Computer helping fast identification of uninsured drivers and assists fraud enquiries. MID is managed by Experian for the Motor Insurers’ Information Centre.
Motor Insurance Discounts : Anti-Theft Devices
Vehicles fitted with anti-theft devices are approved by ARAI, Pune (Automobile Research Association of India) and installations certified by the approved Automobile Association are eligible for discount on OD subject to a maximum per cent age as also subject to a maximum value.
Motor Insurance Discounts : Automobile Association Member Discount
Discount on Own Damage premium in package policies is available to Individual, Joint owners, Hire purchaser or companies who are members of recognized Automobile Association/s.
Motor Insurance Discounts : Use of vehicle within Insured’s Own Premises/Sites
Discount up to maximum 33.1/3% may be allowed where use of vehicle is confined to sites (as applicable to goods carrying vehicles only.). The vehicle is not required to be registered under MV Act and is to be used only on site to which the public has no general right of access.
Motor Insurance Discounts : Vehicles Designed for Use by Physically Challenged
A discount of 33% of premium is normally allowed for vehicles designed for physically challenged.
Motor Insurance Discounts : Vintage Cars
Vintage cars are insured as valued policies on 25% discount on OD Premium. Agreed value cover is permitted for Vintage Cars for a specified sum insured as compensation for TL/CTL without deduction of depreciation.
Motor Insurance Information Centre (MIIC)
Wholly owned subsidiary of the Motor Insurers’ Bureau that tackles the crime of uninsured driving. MIIC has created the Motor Insurance Database – the platform for achieving its objective. This database also enables the MIIC to fulfil the role of national information centre as required by the Fourth EU Motor Insurance Directive to make cross-border claims less onerous. (Visit www.miic.org.uk).
Motor Insurance, Vehicles Requisitioned By Government
The vehicles requisitioned by Government are automatically held covered during requisition period, without any additional premium. The loss/claim is payable by insurer, in excess of amount paid by Government.