New figures released by hpi reveal that its CrushWatch scheme helped finance and leasing companies recover uninsured vehicles to the tune of over £7.75m, saving them from disposal.
The UK-wide scheme helps lenders minimise losses and helps keep roads safer by reclaiming their assets from the police. Uninsured vehicles, which otherwise would be put up for sale at auctions or, in the worst case scenario, sent to the scrap yard, are reunited with their legitimate owners as part of the initiative.
Last year, vehicles worth a total of £65 million, seized for being driven without valid insurance, were identified to the finance and leasing companies who legally owned them. As the latest figures from hpi are only for November, 2016’s total figure is expected to eclipse last year’s value. Prior to the existence of hpi CrushWatch, the likelihood was that these vehicles would have been disposed of.
The top manufacturer makes most commonly avoiding the possibility of auction or the scrap yard following reclamation from the Police include Vauxhall and Ford.
Barry Shorto, of hpi, said: “The scheme continues to play a crucial role in getting to grips with uninsured drivers on UK roads. Through our ongoing collaborations with UK police forces, we are aiming to help the leasing and finance sector and ensure dealing with the problem remains a significant priority.”