Can you obtain auto insurance from multiple companies for the same vehicle simultaneously? For instance, if you own a single car, can you secure policies from five different insurers and file claims with all of them in the event of an incident?
Is it possible to get multiple insurance coverage from different companies for the same thing at the same time?
Yes, it is possible to have multiple insurance policies for the same coverage, such as auto insurance from different companies. However, it’s important to note that in the event of a claim, you can typically only collect up to the total loss amount once. This means you can’t “double dip” by making claims to multiple insurers for the same incident.
Most insurance policies have a coordination of benefits clause, which means that if you have coverage from more than one insurer, they will coordinate to determine which policy pays first and how much. In general, you would file a claim with your primary insurer, and if there are costs not covered, you might then file a claim with your secondary insurer.
Before pursuing multiple policies, it’s wise to check the terms and conditions of each policy and understand how claims would be handled. Additionally, some insurers may view this practice unfavorably and could consider it insurance fraud if they believe you are attempting to obtain a financial advantage. Always consult with an insurance professional for guidance tailored to your specific situation.