A priori it may seem like a singular situation. A car with two car insurance policies at the same time? There is no need for it. With insurance it is enough to cover the contingencies that arise from the use of our vehicle. However, this scenario can occur . Even without the insured intending it.
The most normal thing is that there is a very specific cause for having two car insurance at the same time. Let’s put ourselves in the event that we want to change insurance. We have requested the cancellation one month before the expiration of the policy and, at the same time, we have processed the registration in the new company. Due to the circumstances, this cancellation has not been carried out correctly and we find two insurance for the car until it is resolved. What happens then?
In such a case we have to go directly to what the Insurance Contract Law tells us. This regulation is very clear and indicates that the policyholder has to notify both companies of this anomalous scenario . Otherwise, we could run the risk that, in the event of an accident, the two car insurance policies will refuse to apply the coverage. Therefore the first premise is transparency. What is whole life insurance and how does it works?
The added problem is that the Law allows companies not to accept this situation and therefore close to insuring any risk. In that case, it is convenient to resolve this duplication (called overinsurance) as soon as possible to avoid playing with fire. Magnum Insurance A Detail Guide for You to Understand.
What is not going to happen for the world is that, having two car insurance policies at the same time, we receive compensation from both companies if a claim occurs. That is an illegality since the function of the policies is to compensate the damages suffered and not to enrich the policyholder. For this reason, in the event of an accident, the two companies will have to be informed and the normal thing is that, if both have previously accepted this situation, they will cover the damages proportionally. What types of life insurance exist – learn more of this.