Two Car Insurance for the same car. Pls advice!
I have bought a second hand Maruti 800 – 2006 Model. At the time when the deal happened, the owner of the car told me that the it insured but he is not able to locate the cover note/policy. So to be on the safer side, I have applied for a new policy, because I need to transfer the car in my name. Now one month after the transfer, he (old owner) sent me old policy (which he found, while cleaning his cupboard). Now I have two insurance for the same car. Pls advice, what should I do now?
Call or write to the insurance company and cancel one policy.
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I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.
Should I cancel the old policy or the new policy, which I have taken just one month back?Originally Posted by CONFUSED
I would suggest to cancel the old policy. If you keep the old policy than first, you need to transfer it into your name; second, within a short duration you need to renew the insurance.
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I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.
Just wondering - Is there any legal problem in keeping both the policies?
No legal problem. But as the basic principle of insurance goes that insured cannot make profit from the insurance. And in the above case if insured claim from two different insurer for the same accident than insurance company may take action against him/her.
Rules/Guidelines at PolicyWala | Help Old People |
I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.
If you want to keep both the insurance policies than just inform both the insurance company, so that in case of any claim to car both the insurer would share the loss
Why you want to keep both the policies? Cancel one and keep the refund.Just wondering - Is there any legal problem in keeping both the policies?
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