2 Insurance Policies On Same Car
If you have two or more insurance policies that cover the same thing, so-called contribution clauses could complicate claims and lead to you paying more than you need. Key points If you have double cover, each respective insurer may only pay their share of a claim
If I have 2 cars, and: For car #1, insurance company "A" has a better rate, and for car #2, insurance company "B" has a better rate. Assuming the difference in rates is more than the multi-car discount of either insurance company, it might be cheaper to insure each car with a different insurance company.
Your insurance coverage is no higher because insurance policies only cover one car with one limit of insurance. Insurance Fraud Some individuals consider the idea of purchasing insurance from two different companies on the same vehicle with the intent of collecting from both policies in the event of an accident.
Two car insurance policies can be held in the same household in certain situations. This can include a married husband and wife who want to retain their own separate policies or a situation where there is a child who has their own car, separate from their parents, and thus their own policy.
Purchasing more than one policy on the same vehicle can be more expensive than adding a driver to your existing policy. Many insurance companies require you to add all licensed drivers in the household onto your policy, so you may be insuring your spouse or child twice if he maintains a separate policy.
For illustrative purposes only, let's assume you have two policies in force at the time of the accident/claim. There is a coordination of benefits in the policies that would prevent you from coming out ahead on the claim. It could even hurt your c