Monday, October 3, 2022
HomeAuto InsuranceCan You Have Two Insurance Policies on the Same Car? USA

Can You Have Two Insurance Policies on the Same Car? USA

Car insurance is essential for financial protection against third-party liabilities and damages to your car. But can you have two insurance policies on the same car? This article has the answer. Read ahead and make the right policy purchase decision.

  • Is it illegal to have double insurance policies for the same vehicle in India?
  • Should you insure one car from two different companies at the same time?
  • Disadvantages of double car insurance
  • How can you avoid buying two insurance policies for a car?
  • How can a Comprehensive Car Insurance Policy from ACKO benefit you?
  • Is insurance on multiple vehicles possible?
  • Can I buy two policies for two different cars?
  • How do insurance companies identify double insurance frauds?
  • Final thoughts
  • Frequently asked questions

Is it illegal to have double insurance policies for the same vehicle in India?

Can a vehicle be insured twice? While there is no legal limitation on buying double insurance for a vehicle in India, it is advised to avoid two insurance policies for one car. If you buy two policies for a car, it will cost you double the price. It can also be an issue during claim settlement.

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Should you insure one car from two different companies at the same time?

Ideally, you can raise a claim and acquire compensation only from one insurer at a time. For instance, if your car gets damaged in an accident, you can’t raise claims for the same event with two insurers and receive the entire settlement amount twice. Thus, there is no point in purchasing two policies when you can claim only one at a time. Let’s talk further about the disadvantages of double insurance for one car.

Disadvantages of double car insurance

As mentioned above, double car insurance doesn’t add more value in terms of coverage. In fact, it makes you pay more car insurance premium, which doesn’t seem economically viable.

Here are the key disadvantages of buying double car insurance.

  • Two policies may cause unnecessary confusion.
  • Even with double policy coverage for a car, ideally, you can claim compensation only from one.
  • Not to mention that you will be paying an additional premium for no added value.

How can you avoid buying two insurance policies for a car?

You may end up with policy overlap in case you renew your policy before the expiration of an existing insurance plan and begin the new policy immediately. To avoid such a situation, you must thoroughly read the policy documents and check the expiration date of your existing car insurance before renewing with a different company. Note that these scenarios are hypothetical and used for explanation purposes only.

How can a Comprehensive Car Insurance Policy from ACKO benefit you?

  • At ACKO, we provide different types of car insurance options to match your unique requirements. The following are the benefits of purchasing a Comprehensive Policy from ACKO.
  • A policy offers coverage against third-party liabilities, own damages, and theft of your car.
  • You can raise claims against damages related to accidents, man-made catastrophes, natural disasters, fires, explosions, etc.
  • There are several add-on covers available to extend the coverage of your policy.

Hence, you won’t feel the need to purchase multiple policies to cover your car.

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Is insurance on multiple vehicles possible?

Such a plan is subject to availability. However, for explanation purposes, here’s how it can work. If you own two or more motor vehicles, it is possible to insure them together with a special type of policy. Such an insurance policy is called a motor floater policy, which may include Own Damage (OD) cover or Comprehensive cover (Including OD and Third-party car insurance).

Can I buy two policies for two different cars?

It is completely legal to purchase two insurance plans for two different four-wheelers. You can choose to buy different policies from the same or different insurance companies, depending on your needs.

ACKO offers an easy and budget-friendly way of buying and managing policies for different cars. Our digital infrastructure makes policy-related procedures hassle-free for you while buying/renewing policies or raising claims.

How do insurance companies identify double insurance frauds?

As you already know, there might be situations when you purchase double insurance for one car by mistake. Hence, the insurance companies evaluate the cases based on certain criteria to identify insurance frauds over genuine mistakes.

Here are the parameters used by the insurers to identify double insurance frauds.

  • Whether or not a policyholder obtained benefits at the insurer’s expense.
  • Whether or not a policyholder had awareness of the claim-payment benefits they received using double insurance.
  • Whether or not a policyholder had kept the benefits even after being aware of the profit of claims on double insurance.

Final thoughts

So, can a car be insured twice? In a nutshell, buying insurance policies from two companies at the same time, for the same car isn’t illegal. But it can definitely lead to paying excessive premiums and cause confusion during claims. In fact, ideally, you won’t be able to raise two claims for the same event related to your car. So, it would be wise to simply avoid double insurance and purchase a Comprehensive Policy that can cover your car in different scenarios.

Frequently asked questions

Here are a few common questions answered about buying insurance for your car in India.

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