As a result of an EU Directive, you are obliged to provide the Motor Insurance Database (MID) with the registration numbers of all vehicles that are owned by you and that will be driven, used or parked on a road or public place.
All changes must be notified within 5 working days of the change occurring.
The information required comprises the vehicle registration number and either the purchase or sale date. Changes must be notified directly to the Insurers by telephone, email or via their websites.
This is a legal obligation on your part and failure to supply the information and keep it up-to-date is a criminal offence.
The maximum penalty upon conviction for non-compliance is a fine of £5000.