Skoda octavia - Consequences of same car insured with two insurers | Motoring discussion | Back Room Forum

Fri 24 May 2013 22:43

Skoda octavia - Consequences of same car insured with two insurers - afzalfinance

I have my car insured with an insurer "A" from 4 years and 5th year will be coompleted in few days.

I applied for a private hire car vehicle license for the same car to use it for taxi purpose.

I got insurance (Private hire vehicle insurance) for the same car with insurer "B".They asked me to provide No cliam bonus evidence in a week and i told them that i will send it soon. so thats means my car was insured with two insurers from that date onward with "A" for my personal use and with "B" for Private Hire purpose.

My previous insurer "A" told me that if cancel my insurance i will pay Cancellation charges, alternatively they can provide the No claim bonus certificate about ten days before my present insurance cancell with them and i agreed.

Again my new insurer "B" sent me a letter and asked that they havent yet received evidence of No claim bonus.

I told them that I will get the same in few days from my previous insurere as I dont want to cancel insurance with them to avoid cancellation charges. At the time of inception of insurance with "B" neither they asked me and nor i was aware of anything that the same car is insured with "A" and may be a problem.

At this stage my new insurer "B" sent me a letter that can i confirm that i havent insured the same Skoda octavia with my previous insurer.

The truth is that it is still insured with my previous insurer "A" .

Is it illegal that my car is insured with my previous insurer "A" which is about to send me NCB certificate in a week or so.

If it is not allowed to insure a car with two insurer at same time then what will be the consequences in my case as I cant revers it now.

Please help.

Thanks for your time and help

Reply | Report as offensive | Link

Sat 25 May 2013 00:38

Skoda octavia - Consequences of same car insured with two insurers - brum

I would have thought it was a basic principle in insurance that you can only have one insurance cover for a car. If you have an accident, who pays, or do you thinkl both will pay?

I'm sure the small print will say the cover is invalid if you have other insurance.

Reply | Report as offensive | Link

Sat 25 May 2013 09:29

Skoda octavia - Consequences of same car insured with two insurers - RT

All insurance policies I've had specifically state that if more than one insurer covers the risk then and claim is shared equally.

I can see why double cover isn't usual but I don't see why it's illegal - after all we all may have legal liability insurance on car policy, house policy, credit card cover - that's all covering the same thing.

Reply | Report as offensive | Link

Mon 27 May 2013 04:28

Skoda octavia - Consequences of same car insured with two insurers - afzalfinance

Edited by afzalfinance on 27/05/2013 at 04:32

Reply | Report as offensive | Link

Mon 27 May 2013 04:31

Skoda octavia - Consequences of same car insured with two insurers - afzalfinance

All insurance policies I've had specifically state that if more than one insurer covers the risk then and claim is shared equally.

I can see why double cover isn't usual but I don't see why it's illegal - after all we all may have legal liability insurance on car policy, house policy, credit card cover - that's all covering the same thing.

Thanks for your time and reply.Before I respond to my insurer B which has sent me an email that I should confirm that the same car is not registered with insurer A.

Should I cancell it with A right now and then let them know that I have cancelled? Or

Should I tell them that just to save the cancellation charges of insurance with insurer A I am in this position.

Also what will be the consequences int his situation?

1-Will they charge me for it that I have done somethig wrong or they will cancell my insurance or what?

Thanks in anticipation for your time and response

Reply | Report as offensive | Link

Mon 27 May 2013 08:52

Skoda octavia - Consequences of same car insured with two insurers - dacouch

They will either do nothing

Or charge you on the gross premium pro rata for the period the no claims bonus was on another car. For instance if your no claims bonus equalled 50% discount from company b and your premium was £2000 the gross premium would be £4000. The pro rata would be about £5.50 a day so a two week overlap could cost you £80ish plus any admin fee.

Or they may cancel the policy.

Only company B will know what they will do so you need to speak to them asap.

Incidently if company A find out what you're doing there's a very good chance they will enforce cancellation. This in theory would mean you would need to declare the cancellation to all future insurers including home Insurers and it tends to increase the premium dramatically

Reply | Report as offensive | Link

Mon 27 May 2013 22:32

Skoda octavia - Consequences of same car insured with two insurers - Hamsafar

Larry Silverstein insured his World Train Centre twice just before the twin towers were 'hit' and "the decision was made to pull building 7." This surprised me as policies I have had for buildings and motor have always said that this would make them uninsured with this policy.

Reply | Report as offensive | Link

Tue 24 Sep 2013 17:12

Skoda octavia - Consequences of same car insured with two insurers - driverr

There is the risk cancelation in this situation, but there's no guarrantee this will happen. In the end you'll have to wait and see.

Tim Koby - insurance specialist

Edited by Avant on 24/09/2013 at 23:41

Reply | Report as offensive | Link

Ask Honest John

Sell Your Car

Real MPG

Fuel Calculator