Can I overlap my insurance ?

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hap
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Can I overlap my insurance ?

Post by hap » Tue Sep 21, 2021 8:59 pm

My current deals runs out 3rd nov, however I read to shop about 30 days before so if I find a deal that I want can I start the policy concurrently if that makes sense? My current insurance is fully paid up and I wouldn’t expect a months refund?
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Re: Can I overlap my insurance ?

Post by Bob » Tue Sep 21, 2021 9:03 pm

Pretty sure that is technically fraud since you are running two policies against the same asset
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Re: Can I overlap my insurance ?

Post by PerryGunn » Tue Sep 21, 2021 9:08 pm

I've always found that insurance companies are happy to start cover from whatever date you say within a certain period (most seem to expect it to start within a month), and this is usually set as the expiry date of a current policy - although when I've switched insurers in the past I've set the start date of the new policy as the day before my old one expired just so I could be absolutely certain of continuous cover.
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hap
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Re: Can I overlap my insurance ?

Post by hap » Tue Sep 21, 2021 9:12 pm

Yeah I’d be starting it within 30 days if expiry I guess therefore I should then cancel my policy but not sure if I’d be penalised for an admin fee. My renewal will be coming end of sept,beginning Oct

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Re: Can I overlap my insurance ?

Post by Charles » Tue Sep 21, 2021 9:16 pm

Before starting the policy with the new insurers, tell your old ones that you plan to cancel/ transfer unless they beat the new quote. Might work ...
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Re: Can I overlap my insurance ?

Post by PerryGunn » Tue Sep 21, 2021 9:17 pm

CaesarBob wrote:
Tue Sep 21, 2021 9:03 pm
Pretty sure that is technically fraud since you are running two policies against the same asset
There's no law against the same risk being covered by multiple insurance policies - you can insure the same item/items/property with multiple companies if you wish and this often happens e.g. you could lose a valuable camera whilst on holiday and it could be covered by both your travel insurance and your household contents insurance.

It would only be fraud if you tried to make multiple claims for the full value of the asset - normally what would happen in these circumstances is that you have a duty to inform both companies that you have two (or more) policies covering the loss and the companies involved would then discuss how to apportion the payout between the policies.
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Re: Can I overlap my insurance ?

Post by hap » Tue Sep 21, 2021 9:22 pm

Thanks chaps
Time to ring round next week

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Re: Can I overlap my insurance ?

Post by Bob » Tue Sep 21, 2021 9:24 pm

PerryGunn wrote:
Tue Sep 21, 2021 9:17 pm
CaesarBob wrote:
Tue Sep 21, 2021 9:03 pm
Pretty sure that is technically fraud since you are running two policies against the same asset
There's no law against the same risk being covered by multiple insurance policies - you can insure the same item/items/property with multiple companies if you wish and this often happens e.g. you could lose a valuable camera whilst on holiday and it could be covered by both your travel insurance and your household contents insurance.

It would only be fraud if you tried to make multiple claims for the full value of the asset - normally what would happen in these circumstances is that you have a duty to inform both companies that you have two (or more) policies covering the loss and the companies involved would then discuss how to apportion the payout between the policies.
Interesting, when I enquired about insuring a car which was owned by someone else and insured for themselves, as an alternative to being a named driver on their policy, I was told that would be fraud as there was an existing policy already covering the car.
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Re: Can I overlap my insurance ?

Post by PerryGunn » Tue Sep 21, 2021 9:56 pm

CaesarBob wrote:
Tue Sep 21, 2021 9:24 pm
PerryGunn wrote:
Tue Sep 21, 2021 9:17 pm
CaesarBob wrote:
Tue Sep 21, 2021 9:03 pm
Pretty sure that is technically fraud since you are running two policies against the same asset
There's no law against the same risk being covered by multiple insurance policies - you can insure the same item/items/property with multiple companies if you wish and this often happens e.g. you could lose a valuable camera whilst on holiday and it could be covered by both your travel insurance and your household contents insurance.

It would only be fraud if you tried to make multiple claims for the full value of the asset - normally what would happen in these circumstances is that you have a duty to inform both companies that you have two (or more) policies covering the loss and the companies involved would then discuss how to apportion the payout between the policies.
Interesting, when I enquired about insuring a car which was owned by someone else and insured for themselves, as an alternative to being a named driver on their policy, I was told that would be fraud as there was an existing policy already covering the car.
Insurance law can be a bit of a minefield but I think this comes under a principal of insurance law called 'Insurable Interest' which means that the person, or company, taking out the insurance would suffer a loss should that asset be damaged/destroyed/stolen.

In insurance law, you can only buy insurance for something/someone in which you have an insurable interest e.g. you can take out life insurance for your wife but can't take it out for your neighbour's wife.

Although you would normally have no insurable interest in another person's car, you should have been able to obtain third-party cover to drive the car - normally easiest to do this through your own insurer.

NB That said, I believe that it's possible to obtain fully comp insurance on a vehicle that you don't own but you have to name the owner as the person who will receive any payout - effectively you're insuring yourself against the money you will owe somebody for wrecking their car
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Re: Can I overlap my insurance ?

Post by Bob » Tue Sep 21, 2021 11:25 pm

That does make sense, thanks
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Re: Can I overlap my insurance ?

Post by Norrie » Wed Sep 22, 2021 10:14 am

I dont have a definitive reply. However, if a vehicle is insured under to policies at the same time and is written off which policy would you claim from? I guess if one had an agreed value and the other did not, then it would be an easy decision.
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Re: Can I overlap my insurance ?

Post by PerryGunn » Wed Sep 22, 2021 12:28 pm

Norrie wrote:
Wed Sep 22, 2021 10:14 am
I dont have a definitive reply. However, if a vehicle is insured under to policies at the same time and is written off which policy would you claim from? I guess if one had an agreed value and the other did not, then it would be an easy decision.
If you are Double Insured and wish to make a claim you have a duty to notify both insurance companies and they will apportion the payout (and any excess due) between them - you'll still get your 'agreed value' overall though. One insurer is likely to take the 'lead' position and will reclaim a proportion of the payout from the other.

Even if you only made a claim on one policy, the insurance company will see through MID - the Motor Insurance Database - that multiple policies are held on the vehicle and will contact the other insurer to apportion the claim.

With car insurance, the downside to double insurance is that, as well as the process taking longer, each insurance company is likely to register the claim separately and, in future, it'll appear as two claims on your record and will need careful explaining to any future insurer. To avoid this type of problem it's best to keep any overlap of car insurance policies to a minimum.
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Re: Can I overlap my insurance ?

Post by Norrie » Wed Sep 22, 2021 2:40 pm

Having read all the submissions, I have come to the conclusion that more than on Policy on the same vehicle is fairly pointless.
E65 B7 4.4 V8 supercharged No 106 (1 of 11 B7 built for UK)
F22 M235i - everyday driver
E 39 523i sold May 2023
E92 325i - written off by X5 I was not driving!
E92 335D Twin Turbo - sold to Sytner Alpina
E 60 - 525D new - sold to Cooper BMW
E 60 - 530D new - sold at auction
E 39 - 520i new - sold at auction
E 30 - 316i new Touring - sold at auction
Audi A6 2.5 Tdi had 2
Audi Coupe GT 1986 new
Mitsubishi Gallant & Sigma
Honda accord 2.2 coupe
Ford Escort 1.6 worst car in the world

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