by Guest » Wed Nov 11, 2009 09:16 am
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!
I mean, can I get one policy to cover my son and another one for me!
Posted: Sat Nov 14, 2009 09:57 pm Post Subject:
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.
Posted: Sun Nov 15, 2009 12:43 am Post Subject:
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..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).Posted: Sun Nov 15, 2009 05:17 am Post Subject:
I said as I understand it. isn't "collectors insurance" a seperate policy in addition to a standard auto policy?
Posted: Sun Nov 15, 2009 12:30 pm Post Subject:
I don't know what you mean by 'collectors' policy do you mean (maybe) like a stated amount policy?
Posted: Sun Nov 15, 2009 04:34 pm Post Subject:
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?
Posted: Sun Nov 15, 2009 10:35 pm Post Subject:
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.
Posted: Mon Nov 16, 2009 07:05 am Post Subject:
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.
Posted: Tue Nov 17, 2009 12:44 am Post Subject:
This explanation is not quite clear to me.
Actual value vs estimated? Pretty clear
Posted: Tue Nov 17, 2009 06:05 am Post Subject:
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?
Posted: Tue Nov 17, 2009 06:58 am Post Subject:
It will as long as you are the primary policy holder.
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