Two travel insurances?

LSainsbury · 03-02-2005, 18:45

Hello,

Is it illegal to have two travel insurances and if something where to happen, could I claim on both?

Cheers,

Lee

Nemesis · 03-02-2005, 18:46

Yes you can have 2 travel insurances, but no you can't claim on both for the same thing, that's illegal.

LSainsbury · 03-02-2005, 18:48

Quote:

Originally Posted by Nemesis

Yes you can have 2 travel insurances, but no you can't claim on both for the same thing, that's illegal.

Thanks for the prompt reply...

Got any references to that??

Lee

Janusian · 03-02-2005, 18:51

All Travel insurance policies would make reference to other insurances, and any loss would be shared between the two policies. It is not just Travel policies either, you may have cover for personal possessions under your household cover, and the travel insurer would then subrogate part of the claim against your household.

Tricky · 03-02-2005, 19:05

Most policies usually have a condition along the lines of "We will not pay when another policy is in existance..."

paulyoung666 · 03-02-2005, 19:17

Quote:

Originally Posted by Tricky

Most policies usually have a condition along the lines of "We will not pay when another policy is in existance..."

....... exactly

LSainsbury · 03-02-2005, 19:29

Quote:

Originally Posted by Tricky

Most policies usually have a condition along the lines of "We will not pay when another policy is in existance..."

So if you have two you can't clam nowt?

Tricky · 03-02-2005, 19:34

Quote:

Originally Posted by lsainsbury

So if you have two you can't clam nowt?

Normally it'd come down to the strongest policy usually your house insurance, I.e. Sometimes a card company would insure your purchases for damage unless you were covered elsewhere I.e. the house insurance. Having two holiday insurances would probably mean that the policy "that covered that incident" that was started first would be in effect at the time of a claim and therefore you'd be covered on that one not the 2nd.

Nemesis · 03-02-2005, 19:34

depends on the wording on both policies, answer is basically not to claim for the same thing with both companies.

Janusian · 03-02-2005, 19:34

Whichever one you claim off - would subrogate ("claim back") part of the loss from the other.

It is worth bearing in mind what I mentioned about household insurance above, and the usual difference in the basis of settlement. Travel insurance policies are often settled on an indemnity basis (i.e. if something is a few years old they make a deduction) but household policies are 'new for old', so if what you lost is covered under your household, it may be worth claiming from that, especially as the travel insurer will seek to subrogate from them anyway

Does that make sense?

LSainsbury · 04-02-2005, 18:27

So it's best to have just the one insurance then!

SMHarman · 11-02-2005, 09:34

It does not really matter as long as if you need to claim you make full disclosure of other available policies.

For example if you bought a product on many credit cards it woudl be covered by insurance on the card for say the first 30 days, but it woudl also be covered by your home contets as well. That does not mean it is not insured.

Insurance is also covered by a process called "betterment", when you claim on insurance the policy is to reinstate, not to put you in a position where you are better off than you were before the loss (new for old insurance is slightly different in this respect, but still sticks to the point that if you broke one TV you will not get 2 TVs to replace it). Also with N4O you can argue that your top of the line TV when you bought it is now equivilant to... So your 28in 4:3 goldfishbowl gets replaced by a 36 in 16:9 flat tube for example.