What is the Motor Insurers Bureau?
The Motor Insurers Bureau was established in 1946 and serves to protect the victims of motor accidents where the liable party has no insurance or flees the scene and is not traceable. Without the protection of the MIB, victims in these accidents would be in a much weaker position and most likely unable to make a claim for personal injury compensation.
All UK insurance companies are legally required to pay a premium to the MIB in order to protect victims who cannot claim from an insurance provider directly because the responsible party was uninsured or untraceable. The premiums that are collected build up a fund from which such victims can claim the compensation that they are rightfully owed. There is a £300.00 excess required by the MIB for cases involving an untraceable driver. If the driver is known but holds no valid motor insurance, the excess amount is not payable.
To make a claim through the MIB, the victim and their legal team are required to exhaust all options as to sourcing the liable party and their insurance. If this is deemed impossible, the MIB will review the case and pay compensation as it sees fit. Your solicitor will act as normal in negotiating the highest award sums on your behalf. The MIB further stipulates that the police must have been notified of the accident as soon as possible along with any other insurance companies for related vehicles or victims.
The MIB will pay compensation for injuries, damage to vehicles and property as well as any emotional distress, financial losses and likely future impact on a victim. The MIB stipulates that if you were the driver of another vehicle at the time of the accident and that vehicle was also not insured, no claim that you make to them will be eligible, irrespective of the severity of any injuries or losses that you have suffered.