Figures released by motoring body, HPI, reveal that its CrushWatch scheme has helped recover over £7.75m of uninsured vehicles in September 2016.
CrushWatch is a nationwide initiative that helps lenders reduce their losses and contribute to road safety by reclaiming their assets from the police. Uninsured vehicles which would have been sold at auction or in the worst case scenario, scrapped, are reunited with their legitimate owners under the innovative scheme.
A total of 65 million pounds worth of vehicles, which had been seized for being driven without valid insurance, were flagged up to the finance and leasing companies who legally owned them during 2015. Prior to the introduction of the CrushWatch scheme, these cars may have been disposed of without their knowledge.
Working under the umbrella of the Finance & Leasing Association’s (FLA) Vehicle Recovery Scheme, CrushWatch, from vehicle history check specialists, HPI, assists law enforcement agencies with identifying if vehicles confiscated from uninsured drivers, rightfully belong to a finance house.
The figures highlight that owners of high value cars are not immune from driving without valid insurance, resulting in the reclamation of vehicles across Britain, which otherwise may have found themselves at auction or on the scrap heap.
Thanks to the Crushwatch initiative, finance and leasing companies were able to identify and reclaim over £807k worth of high value cars from police forces around Great Britain.