Caution for Motor Traders Insurance holders
Clocking the mileage on a vehicle has always been a worry to anyone looking to purchase a second hand vehicle. However, you may be surprised to learn that altering the mileage on a vehicle is not actually illegal. Selling a vehicle and not informing the purchaser that the mileage has been altered is the actual crime – which can result in the seller being convicted for fraud.
BBC Radio 5’s Investigates show, revealed that out of 10 secretly recorded calls to 10 internet based mileage correction companies, six were prepared to reduce the mileage/clock the vehicle, even when knowing that this was being done to mislead a potential purchaser.
BBC also revealed that the recorded mileages on MOT certificates on over 600,000 vehicles, currently on our roads in Britain had decreased. Motorcycle mileages had also decreased on over 26,000 bikes and again on over 19,000 commercial vehicles
As a leading Motor Trade Insurance Broker, Think Insurance, believes that the culture of clocking vehicles needs to be looked at as a bigger picture – it not only misleads potential purchasers but also increases the payment of insurance claims fraudulently – thus ending up costing you more on your insurance premiums!
Philip Swift of Claims Management & Adjusting Ltd – a company that deals with claims on behalf of some insurers said:”We are seeing lots of claims where the mileage today is lower than the recorded mileage 12 months ago, this can significantly reduce the value of a vehicle’
The answer? The only real possibility may lie with newer technology – this however will come at a price.
Think Insurance is a leading Motor Trade Insurance Broker in the UK. For more information on this article or to compare Motor Trade Insurance quotations please call Think Insurance on 0844 573 2850.