CrushWatch recovers £9m in uninsured
Figures from HPI have revealed that its CrushWatch scheme has helped finance and leasing companies recover over £9m of uninsured vehicles in May 2016.
The HPI CrushWatch initiative helps lenders both 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 worse still, scrapped, are reunited with their legitimate owners under the innovative scheme.
A total of £65 million 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 HPI CrushWatch scheme, these vehicles may have been disposed of without their knowledge.
The latest figures reveal that the top five manufacturer makes most commonly avoiding the possibility of auction or the scrap yard following reclamation from the Police consisted of Vauxhall, Ford, BMW, Volkswagen and Audi models to the tune of nearly £4.7m.
Working under the umbrella of the Finance & Leasing Association’s (FLA) Vehicle Recovery Scheme, HPI CrushWatch from vehicle history check expert, HPI, assists law enforcement agencies with identifying if vehicles confiscated from uninsured drivers, rightfully belong to a finance house.
|Top 5 Total Value of CrushWatch Finance Hits by Police Force May 2016|
|West Yorkshire Police||£539,235|
The figures also highlight that owners of high value cars are not immune from driving without valid insurance. Thanks to HPI Crushwatch finance and leasing companies were able to identify and reclaim over £805k worth of high value cars from police forces around the UK.
|Vehicle Make||Model||Police Force||Value|
|Ferrari||458 Spider Dct S-A||Metropolitan||£118,700|
|Bentley Continental||Gt S V8 Auto||Thames||£101,600|
|Mercedes-Benz||G63 AMG Auto||Metropolitan||£87,200|
|Mercedes-Benz||G63 AMG Auto||South Yorks||£84,900|
|Audi||R8 Spyder Quattro V10 S-A||Gt Manchester||£73,000|
|Audi||R8 Quattro V10 S-A||Wiltshire||£68,100|
|Land rover||R Rover Sport HSE Dynam S||GT Manchester||£56,000|