Is it OK to be insured twice? - SV650.org

tigersaw · 30-07-10, 06:53 PM

Current bike policy expires in a month.
Just bought a second bike. I intend to insure them both on a new policy. I dont need the NCD from the current policy.
Can I just ignore the old policy, leave it to run out, or is it not acceptable to have a bike insured twice?
Old policy will cost more to cancel than the refund value.

maviczap · 30-07-10, 07:28 PM

I think I was told it was illegal to have 2 policies running at the same time

99% sure

Nick_69 · 30-07-10, 07:47 PM

i cant see why its not ok to do that, better than not insuring it

30-07-10, 08:14 PM

as long as you don't claim on both of them, don't see a problem, i'd let it run out.

TamSV · 30-07-10, 08:32 PM

Quote:

Originally Posted by bluefishman

as long as you don't claim on both of them, don't see a problem, i'd let it run out.

Yep. You can insure twice, but you can only claim once. They would sort it out between them in the event of a claim if both policies covered it.

30-07-10, 08:54 PM

I was told that this was not possible. Reason being that it opened up the possibilty for fraud due to multiple claims on one item. All you gotta do is cancel one, they'll probably pick up an existing policy on your bike when you set up the new one anyway... It's all Internet innit..

Balky001 · 31-07-10, 04:15 AM

I don't know about the legalities, I think you can insure more than once but could only claim from a single insurer should you have to. And that it the issue you could face, both insurance companies saying the other is liable for the pay out.

Having 2 policies could complicate matters and for the cost of cancelling the original policy it may be worth paying the small fee.

31-07-10, 06:34 AM

Let it run, as it will cost you to end it early, i made this mistake before, cost me £50 to end policy

.
It wont do any harm, just ingore the old one and say you forgot about it.

31-07-10, 06:38 AM

i was told if you have 2 insurance polices for the same vehicle your insurance is void also if you sell it and keep your inurance going it also invalidates the inurance of the vehicles new owner as well

Supervox · 31-07-10, 06:44 AM

Given that insurers now have access to & utilise a single datatbase, won't it show up as already being insured when a second policy is taken out ?

30-07-10, 06:53 PM	#1
tigersaw Member Mega Poster Join Date: Mar 2005 Location: Llanwrtyd Wells Powys Posts: 1,146	Is it OK to be insured twice? Current bike policy expires in a month. Just bought a second bike. I intend to insure them both on a new policy. I dont need the NCD from the current policy. Can I just ignore the old policy, leave it to run out, or is it not acceptable to have a bike insured twice? Old policy will cost more to cancel than the refund value.

30-07-10, 07:28 PM	#2
maviczap Member Mega Poster Join Date: Mar 2007 Posts: 9,097	Re: Is it OK to be insured twice? I think I was told it was illegal to have 2 policies running at the same time 99% sure __________________ We're riding out tonight to case the promised land Make everyday count RIP Reeder - Jolly Green Giant and comedy genius

30-07-10, 07:47 PM	#3
Nick_69 Member Join Date: Jul 2009 Location: Guildford, surrey Posts: 785	Re: Is it OK to be insured twice? i cant see why its not ok to do that, better than not insuring it __________________ Was SV650S K9 Now GSXR 600 K9

30-07-10, 08:14 PM	#4
Bluefish Guest Posts: n/a	Re: Is it OK to be insured twice? as long as you don't claim on both of them, don't see a problem, i'd let it run out.

30-07-10, 08:54 PM	#6
skidmarx Guest Posts: n/a	Re: Is it OK to be insured twice? I was told that this was not possible. Reason being that it opened up the possibilty for fraud due to multiple claims on one item. All you gotta do is cancel one, they'll probably pick up an existing policy on your bike when you set up the new one anyway... It's all Internet innit..

31-07-10, 04:15 AM	#7
Balky001 Member Mega Poster Join Date: Nov 2003 Location: Leigh - on - Sea, Essex. Posts: 1,491	Re: Is it OK to be insured twice? I don't know about the legalities, I think you can insure more than once but could only claim from a single insurer should you have to. And that it the issue you could face, both insurance companies saying the other is liable for the pay out. Having 2 policies could complicate matters and for the cost of cancelling the original policy it may be worth paying the small fee. __________________ SV650SK3 - GSXR600K2 - GSXR750K6 - ZX636RC1H - HD Sportster 1200 - CBR600F 2012 - GSXR1000K7 - Triumph Bonneville T100 2019 - Aprilia Tuono 660

31-07-10, 06:34 AM	#8
Specialone Guest Posts: n/a	Re: Is it OK to be insured twice? Let it run, as it will cost you to end it early, i made this mistake before, cost me £50 to end policy . It wont do any harm, just ingore the old one and say you forgot about it.

31-07-10, 06:38 AM	#9
Davie Guest Posts: n/a	Re: Is it OK to be insured twice? i was told if you have 2 insurance polices for the same vehicle your insurance is void also if you sell it and keep your inurance going it also invalidates the inurance of the vehicles new owner as well

31-07-10, 06:44 AM	#10
Supervox No more Mr Nice Guy Mega Poster Join Date: Jun 2005 Location: Saaafffend, innit !! Posts: 1,365	Re: Is it OK to be insured twice? Given that insurers now have access to & utilise a single datatbase, won't it show up as already being insured when a second policy is taken out ? __________________ Never argue with an idiot - he'll drag you down to his level and then beat you with experience

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