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| *Business questions>>>Insurance Questions |
Double insurance? |
Question: I took out two different insurance policies on my mobile phone about a year ago. (Long story....) Will "they" find out if I claim my broken phone from both insurance companies? No need to go legal on me, cause that's not the question! Answer: Whilst it is ok for you to, if you have an insurable interest in a piece of property and the point of doing so is not fraudulent, take out as many policies on one item as you wish, you cannot double-up your recovery of the value of an item, even if you have paid premiums for both (and the insurers may keep the premiums paid, even if you do not ask them to pay as they have still run the risk that they might have had to indemnify your loss). You are only allowed to recover the loss of value of the phone (and no more), although you may elect which company to take the insurance from. Insurers nowadays share information. If you claim on both policies, they will find out and will not pay out. Worse is that they will record that you have acted in that way, which will affect your payable premiums on future insurance policies (they will increase). Basically, don't bother trying to recover more than the value of the phone. Accept that you have lost any premiums paid to the insurers that will not pay out, as you will be foud out, and the increase in premiums to all your other insurance (house, car etc) will compound your loss. |
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