Uninsured Vans Raise the Risk For Everyone
Uninsured Commercial Vehicles Affect Insurance Rates in More Ways Than One
Recently, as insurance news covers the rising amount of uninsured vans wreaking havoc on the populace, it has become clear that there are some major failings in the commercial industry when it comes to insurance. Although the problems may not be as widespread as the media portrays, the facts illustrate that there is a surprising lack of vehicle insurance among commercial vehicles.
According to the Motor Insurers Bureau, van drivers are more likely to skip insurance policies. Although it is assumed that these drivers know what they are doing and that the threat of losing their livelihood through a driving ban should make them more cautious on the roads - the fact remains that accidents do happen, and a lack of insurance can impact the general public in a variety of different ways.
In addition to the costs that can arise from having an uninsured van driver involved in a collision, a new statistic has emerged that is worrying experts. As the amount of uninsured van drivers rises, insurance companies are taking the initiative to reduce their own risk by raising the rates on other types of vehicle insurance. The end result is that general car insurance consumers end up paying more for their own insurance policies.
The Motor Insurers Bureau is taking action and has developed a database of vehicles that are insured. The public has been encouraged to call a hotline set up by the MIB for the purpose of reporting any vans that they believe may not be insured. More importantly, many low cost insurance companies have started to offer the same budget insurance products normally only available for everyday cars. The lower rates should assist companies that find it difficult to afford coverage for their fleets making that a more likely solution to the problem.
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