Two different policies

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lauriedianecole
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I have two insurance companies, two separate policies on the same vehicle. The car was wrecked and deemed totaled and paid off by one of the companies. Does the other company have to pay off as well?
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Dez
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Why have you got two different policies? :erm: You're probably breaking the T&Cs of your insurance…
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Emma:-)
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(Original post by Dez)
Why have you got two different policies? :erm: You're probably breaking the T&Cs of your insurance…
Thats what i was thinking.
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dickwhittington
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I'm pretty sure having 2 policies on one car is against insurance T&C's if not illegal. Unless it is for a specific reason which you can enlighten us to. Id stick to getting the one payout, cancel the other policy and go from there
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dickwhittington
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Don't know how to edit through the app so as an addition, if you could have several policies on a single vehicle, it would open up a can of worms for fraudsters. Think about it, have several policies on a car then "have an accident" and write it off. Insurance pays out and you make bank from it
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IWMTom
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(Original post by lauriedianecole)
I have two insurance companies, two separate policies on the same vehicle. The car was wrecked and deemed totaled and paid off by one of the companies. Does the other company have to pay off as well?
As Dez Emma:-) and dickwhittington have told you, this is always in breach of the terms and conditions, and therefore a breach of contract. Both insurers can refuse to pay out on this policy, as both policies will undoubtedly be voided.

You'll struggle to get one to pay, nevermind two. Congratulations.
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dickwhittington
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(Original post by IWMTom)
As Dez Emma:-) and dickwhittington have told you, this is always in breach of the terms and conditions, and therefore a breach of contract. Both insurers can refuse to pay out on this policy, as both policies will undoubtedly be voided.

You'll struggle to get one to pay, nevermind two. Congratulations.
I think he's managed to get one of the companies to pay out, at least that's what I read from the original post.

If so, take this as a stroke of luck and a good life lesson. Last thing you want is a CIFAS marker on your credit report.
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dickwhittington
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Just done a bit of detective work (read:googling) and actually you can have more than one policy covering a vehicle. However it would be fraud if you were to claim on both policies for the same accident.

I'm still at a loss as to why oh would want 2 policies covering one car unless it's for separate drivers or something
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IWMTom
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(Original post by dickwhittington)
Just done a bit of detective work (read:googling) and actually you can have more than one policy covering a vehicle. However it would be fraud if you were to claim on both policies for the same accident.

I'm still at a loss as to why oh would want 2 policies covering one car unless it's for separate drivers or something
Generally not the same class of policy, though. That exclusion is for the allowance of short term policies, and additional business insurance, where the standard private insurance couldn't be claimed in due to out of policy circumstances.

Reading the terms of the policy would explain another private policy can't be taken out at the same time.
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999tigger
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You can have more than one policy . It is not illegal.

You cant claim more than your loss though.

Insurance is a contract of indemnity i.e getting your loss covered and not one that entitles you to a profit.

You can choose which policy to claim off.

If there is an overlap of coverage then the insurer who pays has a right of contribution from the other insurer.
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IWMTom
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(Original post by 999tigger)
You can have more than one policy . It is not illegal.

You cant claim more than your loss though.

Insurance is a contract of indemnity i.e getting your loss covered and not one that entitles you to a profit.

You can choose which policy to claim off.

If there is an overlap of coverage then the insurer who pays has a right of contribution from the other insurer.
Whilst not being illegal unless fraud takes place, it is a breach of contract, and something that would void a policy, resulting in being uninsured - this is illegal.

You cannot have two of the same policy type to insure a single vehicle.
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999tigger
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(Original post by IWMTom)
Whilst not being illegal unless fraud takes place, it is a breach of contract, and something that would void a policy, resulting in being uninsured - this is illegal.

You cannot have two of the same policy type to insure a single vehicle.
Tbh id have to look at what policies the OP has and get my books out as well. Its a while since I looked at contribution.
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IWMTom
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(Original post by 999tigger)
Tbh id have to look at what policies the OP has and get my books out as well. Its a while since I looked at contribution.
Every private policy I've ever seen states you cannot have another private policy for the same vehicle and if they spot the vehicle is already insured, they can cancel the policy.

I can speak for BISL in that they enforce automatic cancellation of your policy if they check the MID and see it's already insured. Whilst not every insurer will automatically cancel a policy, they will void the policy come claim time.
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