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 Posted: Sun Nov 15, 2009 10:35 pm Post subject: |
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I'd doubt you could have both, maybe you could have an auto liablity policy then some type of "collectors" policy for first party damage (ie collision and comp). I can't think of any instance though, that would allow two policys to pay the same coverage.
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Lori
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| Posted: Mon Nov 16, 2009 7:05 am Post subject: |
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| Quote: | | I thought that a collector's policy pays for the differnce of collector's investimate of an "actual value", vs an estimated acv amount of standard auto in a given market. |
This explanation is not quite clear to me. |
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steven
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| Posted: Tue Nov 17, 2009 12:44 am Post subject: |
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| Quote: | | This explanation is not quite clear to me. |
Actual value vs estimated? Pretty clear |
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Trench
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| Posted: Tue Nov 17, 2009 6:05 am Post subject: |
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I think it's a good suggestion that I have the keys when my son fails to pay his premiums. But if he continues to pay the premiums and commits an accident, will it not affect my insurance history?
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Peep~in~Pipe
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| Posted: Tue Nov 17, 2009 6:58 am Post subject: |
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| It will as long as you are the primary policy holder. |
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Trench
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| Posted: Sun Nov 29, 2009 7:20 am Post subject: Double coverage is not permitted! |
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If you are talking about liability insurance for your vehicle, as others have stated, double coverage is not permitted (unless someone is concealing information from one or both insurers -- which is a crime). Your son, if a minor, must be covered under your policy. If an adult, must be listed as an additional driver.
Nevertheless, it can happen that two policies end up covering one vehicle at the time of a loss, but one of two things will happen: (A) the oldest policy will pay the full claim up to its limit and the second policy will be voided (all premiums will be refunded), or (B) both policies will coordinate and each will pay a share of the claim based on a percentage of premiums paid, with neither policy paying more than its limit of liability.
EXAMPLE: Insurer A provides $50,000 liability at a cost of $1000, Insurer B provides $75,000 at a cost of $2000. You have an accident and cause a $100,000 loss. Policy A will not pay $50,000 and Policy B will not pay $75,000. Policy A will pay 1/3 of $100,000 ($1000/$3000 total premium), and Policy B will pay 2/3 of $100,000 ($2000/$3000).
Which do you think will happen? A or B?
Excess insurance is a different discussion. If you have a loss that exceeds the limits on your primary policy, an "umbrella" liability policy will pay the excess loss up to its limit (usually $1 million, can be more). This is not double coverage.
EXAMPLE: Policy A provides $250,000 liability coverage. Policy B provides $1,000,000 excess liability coverage. You have an accident, causing $275,000 in damages. Policy A pays $250,000, Policy B pays $25,000. (You will not be able to get Policy B without high limit liability coverage on Policy A.)
Bottom line . . . buy one policy that covers all named drivers. Don't name (exclude by name) any adult drivers in the household with bad driving records, and NEVER let them drive the vehicle!
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MaxHHerr
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| Posted: Wed Dec 02, 2009 8:56 am Post subject: |
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All insurance policies other than Personal accident insurance are contracts of indemnity. In cases where the insured property is insured under more than insurance policy, then the assessment of loss is normally done as under:
1. When both the policies are with the same insurer, one of the policies is cancelled (usually the policy which was issued later), and the claim is paid under only one policy.
2. In case where the policies are with different insurers principle of contribution (sharing of loss among insurers) is applied in case the both the policies are affected.
Since, law of land plays a mazor role in transaction of insurance business in any location, kindly check up with your insurer. Else, kindly let me have your State, and I will try to get details for you with my large insurance network.
Regards,
Aryan shrivastava |
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AryanOffshoreSolutions
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MaxHerr
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| Posted: Wed Dec 02, 2009 11:39 pm Post subject: |
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k....
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Lori
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