Motor Insurers Bureau
Encyclopedia
The Motor Insurers' Bureau (MIB) was founded in the UK in 1946 as a private company limited by guarantee
and is the mechanism in the UK through which compensation is found for claims against uninsured drivers, and hit and run incidents. Uninsured drivers cost the average motorist about £30 a year.
According to the MIB's website's FAQ
section, the cost of funding the MIB is ultimately borne by law abiding motorists who pay their insurance premiums.
The offices are near the junction of the A422
(Monks Way) and B4034 (Marlborough Street) in Linford Wood, Milton Keynes
.
Claims will be considered for the cost of repairing/replacing your vehicle (comprehensively insured policyholders precluded), hire charges, loss of use and property damage. An injured party can also claim for treatment and/or rehabilitation for pain and suffering. Legal costs are paid in full by the MIB once the claim is proven.
driver accidents. Where the driver deemed to be responsible for an accident, leaves the scene and is not traced, the MIB will consider a claim for compensation in respect of both property and personal injury damages. There are a number of restrictions imposed with this scheme not least the fact that you cannot recover your legal fee
s in full. The MIB will only pay a fixed fee of £500 + vat as a contribution towards a victims legal fee.
Company limited by guarantee
In British and Irish company law, a private company limited by guarantee is an alternative type of corporation used primarily for non-profit organisations that require legal personality. A guarantee company does not usually have a share capital or shareholders, but instead has members who act as...
and is the mechanism in the UK through which compensation is found for claims against uninsured drivers, and hit and run incidents. Uninsured drivers cost the average motorist about £30 a year.
Role and history
Its role was and is to enter into agreements with the Government as to how compensation claims from people who have been involved in accidents which were caused by uninsured or untraced drivers may be compensated. The Road Traffic Act 1988, requires every insurer dealing with compulsory motor insurance to belong to the MIB and to contribute to its funding.According to the MIB's website's FAQ
FAQ
Frequently asked questions are listed questions and answers, all supposed to be commonly asked in some context, and pertaining to a particular topic. "FAQ" is usually pronounced as an initialism rather than an acronym, but an acronym form does exist. Since the acronym FAQ originated in textual...
section, the cost of funding the MIB is ultimately borne by law abiding motorists who pay their insurance premiums.
The offices are near the junction of the A422
A422 road
The A422 is an "A" road for east-west journeys in south central England, connecting the county towns of Bedford and Worcester by way of Milton Keynes, Buckingham, Banbury and Stratford-upon-Avon. For most of its length, is a narrow single carriageway....
(Monks Way) and B4034 (Marlborough Street) in Linford Wood, Milton Keynes
Milton Keynes
Milton Keynes , sometimes abbreviated MK, is a large town in Buckinghamshire, in the south east of England, about north-west of London. It is the administrative centre of the Borough of Milton Keynes...
.
MIB Schemes
The MIB run three types of schemes that help the victims of negligent drivers named "The uninsured drivers scheme", "The untraced driver’s scheme" and "The green card scheme".The Uninsured Drivers Scheme
This scheme deals with compensation claims arising out of accidents caused or contributed to by an uninsured driver. Where it is shown that no policy of insurance exists covering the responsible party’s vehicle, the MIB will consider dealing with a claim for compensation from the “victim”. Liability still needs to be assessed but because the negligent (and uninsured) party has been formally identified, the MIB recognise that the innocent victim has rights of full legal redress once fault is proven. This assumes that the MIBs own claims criteria are met.Claims will be considered for the cost of repairing/replacing your vehicle (comprehensively insured policyholders precluded), hire charges, loss of use and property damage. An injured party can also claim for treatment and/or rehabilitation for pain and suffering. Legal costs are paid in full by the MIB once the claim is proven.
The Untraced Drivers Agreement (Hit and Run) Scheme
This scheme applies to the victims of hit and runHit and run (vehicular)
Hit-and-run is the act of causing a traffic accident , and failing to stop and identify oneself afterwards...
driver accidents. Where the driver deemed to be responsible for an accident, leaves the scene and is not traced, the MIB will consider a claim for compensation in respect of both property and personal injury damages. There are a number of restrictions imposed with this scheme not least the fact that you cannot recover your legal fee
Attorney's fee
Attorney's fee is a chiefly United States term for compensation for legal services performed by an attorney for a client, in or out of court. It may be an hourly, flat-rate or contingent fee. Attorney fees are separate from fines, compensatory and punitive damages, and from court costs in a...
s in full. The MIB will only pay a fixed fee of £500 + vat as a contribution towards a victims legal fee.