Lenders and leasing companies benefit from HPI CrushWatch initiative by reclaiming uninsured vehicles
HPI has recently discovered that its CrushWatch scheme is contributing to finance and leasing companies gain back over £9m of uninsured vehicles in May 2016.
Helping lenders reduce their losses and improve road safety by reclaiming their assets for police, the HPI CrushWatch scheme reunites uninsured vehicles that would have been sold at auction or scrapped with their legitimate owners.
A total of £65m of vehicles that were seized for being driven without valid insurance were then flagged up to finance and leasing companies who legally owned them in 2015. Without the assistance from HPI CrushWatch, the vehicles most likely would have been scrapped without their knowledge.
From the vehicle history check expert, HPI, the HPI CrushWatch works under the umbrella of the Finance & Leasing Association’s (FLA) Vehicle Recovery Scheme. The initiative also helps the Law Enforcement Agencies in identifying whether vehicles confiscated from uninsured drivers rightfully belong to a finance house.
“In just one month, the total value of the cars recovered highlights the important role that HPI CrushWatch plays in the process of clamping down on uninsured drivers,” Barry Shorto, Head of Industry Relations at HPI explained. “This is a problem that isn’t going away but through an ongoing collaborative approach with police forces throughout the UK we can help the leasing and finance companies to minimise losses and increasingly get to grips with the problem.”
The numbers which HPI CrushWatch share have also demonstrated that high value car drivers are not immune from driving without valid insurance, which would result in the reclamation of the vehicle.
To see the specific numbers around which high value cars have been reclaimed, and what the top 5 total value of CrushWatch finance hits (by police force) were in May 2016, check out the detailed report here.
HPI's CrushWatch findings are also a beneficial reminder of the importance of having car insurance, to find out more what Admiral can do for you read more on our car insurance page.
Interested in how Admiral Loans could help you with a car finance deposit? Find out more here.