If you want to keep yourself and your belongings well protected, you should know how important and valuable insurance is. Content insurance, another form of insurance, is optional, whereas another form of insurance such as a car or medical insurance isn’t optional.
It’s not new for people to have double insurance companies, and that is what we can file a claim with two insurance companies article is all about today. But, with several types of insurance today, how do you know which one you would be needing?
There are various types of insurance coverage nowadays like gadgets, cars, homes, businesses, lifestyle, and travel, and one question is how do you know what aspect each insurance covers. Do you also know what third-party insurance means?
If you have two separate insurance policies, then we encourage you to continue reading this page to figure out whether you can file a claim on both of them. The general idea is if you have double insurance, then you can file a claim on both of them.
The major thing that should be noted here is that both insurance providers should be notified of the situation at hand, making the entire process more complicated. What this means is that reaching a settlement and getting compensated might get delayed.
The fact is you would not get compensated for the same coverage twice. Else it would be regarded as insurance fraud. So it doesn’t matter if you have two or one insurance policy; what matters is receiving the same total amount of compensation.
Can I File A Claim With Two Insurance Companies
Whenever you file a claim, it should be declared that it might cause your insurance premiums to go up, and having double cover means that you are filing for two claims and not just one, which is also likely to cause your premiums to go higher.
In other words, you are bound to lose more money than you expected, and occasionally, there might be a policy that states if you have an added insurance in place, then it becomes impossible for you to file a claim.
If you have two home insurance policies, one of the insurance companies may claim that the policy is void, and if this is the case, you need to check with the other insurance company to see if you can file a claim.
This tells you why having two insurance claims isn’t really a good idea because it is capable of causing more problems rather than solving the ones at hand. However, if you have building insurance with a company and contents insurance with another company, that is different because you are insuring two different items.
They are quite different and do not cover the same thing, but that doesn’t mean it is a straightforward process because you might still need to liaise with both parties before going on to file a claim.
How To File A Claim With Two Insurance Companies
If you find yourself in the spot where your insurance policies cover the same thing, then the best option that you have is contacting just one of the insurers and filing a claim. When you want to submit the claim form, you should state that you are also insured with another company, so it falls on the first insurer to contact the second one to discuss how to resolve the claim.
One of the insurers would be demanded to contribute, which would eventually lead to splitting the cost between both insurance parties. It is also possible for a proportionate amount of excess to be calculated, and this excess is what must be paid by you after filing a claim.
The amount of excess varies, and it also depends on the insurer. However, it is still up to both insurance companies to come together and decide if you should pay a reduced amount of excess or not when you decide to claim two policies. As we stated earlier, it is completely okay to have buildings and contents insurance with two different insurance companies.
If there is a flood or fire accident, the building and its content will sustain some damage. This is where you can contact both insurance providers and file a claim separately.