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 Posted: Wed Nov 11, 2009 9:16 am Post subject: Can I afford to have multiple policies for one car? |
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Can I afford to have different insurance policies on the same car?
I mean, can I get one policy to cover my son and another one for me!
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Peep~in~Pipe
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| Posted: Wed Nov 11, 2009 12:43 pm Post subject: |
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| Quote: | | Can I afford to have different insurance policies on the same car? |
I don't know let me see your check book and I'll tell you...you cannot have multiple policys on the same car.. I | Quote: | | mean, can I get one policy to cover my son and another one for me! |
Sure if you want, but why would you want to?
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Lori
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| Posted: Wed Nov 11, 2009 1:44 pm Post subject: |
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| If there are multiple policies on the same vehicle there is going to be duplicate coverage. There are parts of the policy that state how they are going to react to this type of situation. Most auto policies are going to share or split the loss between them. so you'd be paying a premium on two policies but only getting the coverage afforded by one. |
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tcope
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| Posted: Fri Nov 13, 2009 4:17 am Post subject: |
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| Quote: | | Sure if you want, but why would you want to? |
I thought it would help my son be more responsible and keep my rates unaffected.
| Quote: | | Most auto policies are going to share or split the loss between them. |
Thanks for the information. But, is this split gonnabe decided by the carriers or by the insured?
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Peep~in~Pipe
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| Posted: Fri Nov 13, 2009 11:49 am Post subject: |
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Then either get your son his own policy on his own vehicle. Or add him/his car to your policy and make him pay you his premium every month. If he doesn't pay, the car is still insured BUT you have the keys if he doesn't pay..(that's what we did)
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Lori
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| Posted: Sat Nov 14, 2009 5:25 am Post subject: |
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| IN CALIFORNIA, YOU CANNOT DOUBLE INSURED A VEHICLE, |
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JNFOXN
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| Posted: Sat Nov 14, 2009 12:33 pm Post subject: |
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I seriously doubt you can in any state.
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Sat Nov 14, 2009 7:22 pm Post subject: |
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| As I understand it, you can obtain multiple for an antique or collector vehicles. |
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Trench
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| Posted: Sat Nov 14, 2009 9:51 pm Post subject: right, but .......... |
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| But we're talking on an every day use vehicle. |
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JNFOXN
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| Posted: Sat Nov 14, 2009 9:54 pm Post subject: but........ |
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| seriously who would wanna pay to differrent insurance companies when in reality only one is gonna pay out during a claim. especially now in this time of economic issues |
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JNFOXN
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| Posted: Sat Nov 14, 2009 9:57 pm Post subject: |
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| if you think about it, isnt that why they made Gap Insurance, General Liability Insurance, Excess Umbrulla Insurance to cover what other insurance companies dont. |
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JNFOXN
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| Posted: Sun Nov 15, 2009 12:43 am Post subject: |
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| Quote: | | you can obtain multiple for an antique or collector vehicles. |
How so? How could that pay out? As you know in an auto policy...If you (accidently) find yourself double insured, that first policy is paying..period. You can't collect a collision loss from two companys.. | Quote: | | if you think about it, isnt that why they made Gap Insurance, |
No, GAP covers one thing and one thing only the "GAP" between the ACV and the loan payoff (subject to exclusions and limits).
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Sun Nov 15, 2009 5:17 am Post subject: |
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| I said as I understand it. isn't "collectors insurance" a seperate policy in addition to a standard auto policy? |
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Trench
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| Posted: Sun Nov 15, 2009 12:30 pm Post subject: |
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I don't know what you mean by 'collectors' policy do you mean (maybe) like a stated amount policy?
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Lori
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| Posted: Sun Nov 15, 2009 4:34 pm Post subject: |
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| Perhaps. 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. I have not done any antique or collector vehicles, I have just heard of collectors insurance. But what I have heard is that it covers more than what a standard auto policy covers. Is it possible to have both because the vehicle isn't considered a standard auto? |
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Trench
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