Motor Vehicles (Compulsory Insurance) Bill

Debate between Greg Knight and Marco Longhi

3rd reading
Friday 28th January 2022 Commons Chamber

[Marco Longhi]

SORN—that is the word.

At a time when everyone is facing increasing household bills, fuel costs and cost of living, we should make it our priority to get rid of any unnecessary financial burdens. The Bill will reduce the cost of insurance for motorists across the UK. As has been said a couple of times already, implementing Vnuk across the UK would have cost something in the region of £2 billion, covering all existing motor cars, motorbikes, business vehicles, motorsports and other businesses.

[Sir Greg Knight]

I am a car owner too—I think most of us are—but is it not also important that without the Bill, the future of British motorsport could be seriously at risk?

[Marco Longhi]

I thank my right hon. Friend for his intervention and I completely agree with his observation.

It has been calculated that insurance policyholders could face an estimated cost of over £1 billion if Vnuk were implemented, expressed as a potential increase in individual insurance premiums of circa £50 for 25 million consumers. An extra £50 a month is a lot of money for many families; it could mean choosing between eating or heating their homes. Our constituents should keep that £50 in their own pockets, and not cover the costs of some idiots who may cause accidents and fail to insure their vehicles while they are at it. To me, the Bill smacks of pure common sense.