Q & A: Can a car owner to have 2-1-car insurance. If so, would not have to pay as if an accident accrued interest.
| August 8, 2011 | Posted by admin under Short Term Car Insurance |
CoCo question : Can a car owner to have 2-1-car insurance. If so, would not have to pay as if an accident accrued interest. Would the insurance companies have to pay me what the car is 18? When I was a woman I met and their insurance only pays what the car was worth. I thought if I could be the car of two different insurance companies insured my car be paid in full. Is it illegal and it will benefit me? I know there is insurance, which is called (Gap) insurance, if you can buy a car and must pay the remaining balance on the car. However, I do not want to walk, no car and no money to my investment if I was in a car accident bekommen.Was are your comments? Please, no opinions, no comments and crazy. I appreciate everything and can answer what the Lord Jesus Christ bless you Tat.Ich the answer to the question above have read and I thank you for your time. But I have another question. Is not legal to have two life insurance policies on one person? So why not a car? Correct me if I’m wrong but please not a reflex, if to do so. Treat others as you would be treated Best answer: from the response
melfred_20
No, you can not, because if you are in a accident for insurance companies fight that should pay for it.
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This not allowable by law. (Anywhere that I’m aware of) If it were, everyone would go out, get 2 or 3 insurance policies and total there cars for the money. This is insurance fraud. Unfortunately, we all have to deal with the insurance companies in our own way. One thing you may want to check into is a special policy to cover any custom work or add-ons you have in car. For this, you’d have to have your car appraised or inspected prior to getting a policy. Check with you insurance carrier.
No. It’s illegal! And if you were in an accident NEITHER one of them would pay because you’d be in prison for insurance fraud.
Legally, your car can only be insured once. If you had 2 insurance policies on the same car and went to file a claim, you would be able to choose which policy you use and the other would be cancelled. If you tried to get both policies to pay the same claim, you would be committing fraud. The insurance companies would then take you to court and you would probably go to jail.
Hope this answered your question!
Yes, you can have two policies on one car. And it occasionally happens. MOST of the time, both policies pay – but they don’t pay double.
See, each policy has a PROVISION in it, for “other policies”. So, they might split the claim amount 50/50, they might “pro rate” the payment based on the coverage limits. If you’ve got collision coverage on both policies, you’ll have to pay whichever deductible is LOWEST, then the adjusters will fight over who has to pay how much.
More often, having two policies results in a delay in the claim handling, as the adjusters might say, “oh, my policy only pays out after the other guy pays to the limits”. So there is much more chance of fighting that way.
You can only EVER get what the car is worth (except for gap, and unless you have a whoopie zing replacement value policy which is NOT COMMON). You can’t collect under multiple policies for the same thing (called, double dipping, and it’s illegal).
Cars are NOT a financial investment. They are a depreciating assset and a transportation tool. SMART people do NOT buy new cars. They buy the oldest, cheapest car that will get the job done – where some dumb person already paid as much of the depreciation as makes sense.
And thanks, the Lord has blessed me more than I deserve.
No, of course not. Insurance is meant to help put you in the same position you were in immediately prior to the accident. If you carried 2 policies, you would have a hard time getting either of them to pay, because each would say the other company is responsible.
Putting duplicate claims in on 2 policies would actually be insurance fraud.
The only time it is permissable to have 2 policies on the same vehicle is a transition between companies. If you have JoBlow Insurance and move to a state the company does not have a licence for, and you get JoSmith insurance, you will have 2 policies until JoBlow gets your signed cancellation. Of course, you would only get coverage from one policy if you had a claim in the transition.
I am a licenced broker, registration agent, and driver licence issuer.
You should consult with an attorney that has experience dealing with Insurance companies. Do a local search on YAHOO or Google and find an attorney in your area.