Maria Caulfield MP has welcomed news that British drivers will avoid an estimated £50 a year increase in motor insurance costs as the government confirms it plans to do away with the controversial EU ‘Vnuk’ law.
The Vnuk law requires a wider range of vehicles than those such as cars and motorbikes to be insured, including ones previously not requiring insurance, such as golf buggies, mobility scooters and quad bikes. The law also extends to vehicles on private land, meaning people with a ride-on lawnmower at home would require insurance where it would have previously not been needed.
Had the EU law been implemented in Great Britain, it would have meant the insurance industry would have been liable for almost £2 billion in extra overall costs. These costs would likely have been passed onto their customers – British road-users.
Now we have left the EU, the measures no longer need to be implemented, helping road-users across the country steer clear of increased premiums – a clear win for motorists in Britain.
Maria Caulfield MP said “The Vnuk law would see many vehicles currently not needing insurance forced to have them, even for vehicles such as ride on lawn mowers that never leave private land. Scrapping this unnecessary rule will save the country billions of pounds and is set to save individual motorists an estimated £50 a year.”
The UK officially left the EU on 31 January 2020, with the formal transition period coming to an end on 31 December 2020, after the ratification of the UK-EU Trade and Cooperation Agreement – allowing us to control our own rules and regulations and recover our economic and political independence.