Did you know that in 2020 alone there were more than 93,000 impounded vehicle seizures in the United Kingdom? According to the Motor Insurance Bureau, vehicle impounds and clamping occur every 4 minutes in the UK! When this occurs, a short-term 30-day policy is a quick and effortless solution to release a vehicle from an impound. Finding the right insurance, however, can be challenging as this is a non-standard policy and time is of the essence.

At Granite Underwriting we are continually looking to provide opportunities to grow our relationships with our customers. As a specialist underwriter of niche and non-standard motor insurance, we understand the upsurge for short term 30-day private car insurance, particularly since lockdown. We have looked at the benefits of offering short term 30-day private car insurance as a broker.

Why do impounded vehicles need short term 30-day insurance?

Accidents happen, and customers can find themselves without insurance or facing seizure by the police for several reasons. These could include:

  • Forgetting to renew their insurance
  • Insuring their vehicle incorrectly
  • Missing a payment by mistake or financial difficulty
  • A driver is cautioned/arrested for another offence, for example drink driving
  • Being unable to produce insurance documentation or valid driving licence upon request

With our short term 30-day insurance product, your customers can release their vehicle and be back on the road the same day!

What happens if my vehicle is impounded by the police?

The police have the power to seize, and in some cases, destroy vehicles found to be uninsured/insured incorrectly. For example, a policy is purchased with no provision for a named driver who is using the vehicle. It is illegal in the UK to drive a vehicle on a road or park in a public place without at least third-party insurance.

Penalties for uninsured/incorrectly insured impounded vehicles include:

  • A fixed penalty of £300
  • 6 penalty points on your licence
  • Recovery fees and daily storage charges
  • The conviction remains on licence for 4 years from the date of offence

Additionally, if the case goes to court you could get disqualified from driving and an unlimited fine!

Once impounded, a seizure notice will explain when and where your vehicle has been taken. Following police impound, you will have 7 days to produce the necessary impound car insurance documentation, and a further 7 days to retrieve your vehicle. Following 14-days, any unclaimed vehicles could be destroyed.

Benefits of a Granite Underwriting impound policy

Granite Underwriting is a specialist Managing General Agent (MGA) that has been established since 1982. With our experienced team of underwriters and a flexible approach, we compete in areas of the market that more traditional insurers decline. Our dedicated UK-based team of highly skilled insurance specialists are on hand to help your customers secure the impound car insurance policy they need.

By offering our Granite Underwriting short term 30-day insurance product, your customers receive:

  • Third-party only insurance
  • Immediate cover for up to 30 days
  • Cover to release the vehicle from police impound
  • Insurance documents are issued the same day for swift vehicle release
  • A stopgap allowing you time to find a longer solution for your client’s needs

Seize this impounded insurance opportunity today!

With demand on the rise, take advantage of this short term 30-day private car insurance product today! We provide the level of service that we would expect to receive ourselves. This means our expert team provide:

  • Flexible Underwriting: a dedicated and experienced team who underwrites each risk
  • Online Portal: for easy risk submission and issuing cover
  • Reliability: providing a consistent approach to underwriting and rating
  • Net Rated quotations: most of our schemes are Net Rated and allow you to control your earnings

Granite Underwriting is here to unlock the potential of this product offering for our brokers. We help you to help drivers classed as a ‘higher risk’ find the impound car insurance they need. Call 0345 092 0701 or click “Contact Us” now to discuss your requirements.

 

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