History Of Motor Insurance Bureau

What is Motor Insurance Bureau?

The Motor Insurance Bureau (MIB) is a non-profit organisation established in the UK in 1946 to help victims of motor accidents involving uninsured and untraced drivers. It is funded by a levy on the motor insurance industry and provides a fund from which compensation can be paid to those injured or suffering loss due to the negligence of an uninsured or untraced driver. It also provides a service to help trace such drivers.

History Of Motor Insurance Bureau

The Motor Insurance Bureau was established in 1946 following the introduction of the Road Traffic Act, which made it compulsory for all vehicles to have insurance. This meant that many people were driving without insurance, leaving innocent victims with no way of claiming compensation from the uninsured driver. The Motor Insurance Bureau was set-up to provide compensation for such victims and to help trace the uninsured driver.

Since its inception, the Motor Insurance Bureau has grown substantially and now provides a wide range of services. It offers a 24-hour helpline which can be used to report an uninsured driver and provides a fund from which compensation can be paid to those injured or suffering loss due to the negligence of an uninsured or untraced driver. It also provides a service to help trace such drivers.

How Does Motor Insurance Bureau Work?

The Motor Insurance Bureau works by collecting a levy from all motor insurance companies. This money is then used to fund the Motor Insurance Bureau's activities. When a claim is made, the Motor Insurance Bureau will investigate the incident and assess the level of compensation that should be awarded to the victim. This compensation can then be paid from the Motor Insurance Bureau's fund.

The Motor Insurance Bureau also provides a tracing service to help locate uninsured drivers. This tracing service is free to use and can be accessed by anyone who has been involved in an accident with an uninsured driver. The Motor Insurance Bureau will then contact the driver and attempt to get them to pay the compensation that is due.

Conclusion

The Motor Insurance Bureau is an important organisation in the UK. It provides a service to help victims of motor accidents involving uninsured or untraced drivers, as well as a tracing service to help locate such drivers. The Motor Insurance Bureau is funded by a levy on the motor insurance industry and provides a fund from which compensation can be paid to those injured or suffering loss due to the negligence of an uninsured or untraced driver.