Two insurance policies simultaneously

[leonardtax]

I will be cancelling my current landlords insurance, and taking out a new insurance policy with another company.The current company says that I can't have two policies at the same time. I don't mind a short overlap of a few days to make certain that the cancellation went through. Is it illegal to have 2 policies?

Thanks

[midlandslandlord]

I will be cancelling my current landlords insurance, and taking out a new insurance policy with another company.The current company says that I can't have two policies at the same time. I don't mind a short overlap of a few days to make certain that the cancellation went through. Is it illegal to have 2 policies?

Thanks

I think it's legal but you will have to tell them about each other and there will confusion over any claim.

Your new company should be able to run cover from the time you say, to the second.

ML

[ashburnham]

Email your current insurer indicating a specific time and date you want the policy cancelled. Effect the new insurance policy from the exact same time and date. If for some reason your first insurer does not follow your instructions you will have email proof in your sent box as well as a new insurance cover from the same time/date.

[Always Problems]

Go for the overlap. Insurance Companies dont like "Dual Cover" as for them in the event of a claim they have to share the payout and it complicates things. After all in the event of a claim you could have one company refusing the claim and another passing it. Insurance Companies like to be in exclusive control of your claim.
I had "Dual Cover" on a house. The morgage company included Insurance. I did not realise this and arranged my own. So when my kitchen caught fire I had to deal with 2 loss adjusters. I suppose I could have kept quiet and been paid out twice, but this is what they dont like.

[ashburnham]

Insurance Companies like to be in exclusive control of your claim.
In a sense this is true to avoid the complications involved but I think if I was an insurance company having to pay out on a claim and found another insurer was covering the same thing then I would be rather happy as I would then only have to pay out 50% of the costs while the other insurer did the same.


I had "Dual Cover" on a house. The morgage company included Insurance. I did not realise this and arranged my own. So when my kitchen caught fire I had to deal with 2 loss adjusters. I suppose I could have kept quiet and been paid out twice, but this is what they dont like.
When you say "this is what they don't like", I assume "they" refers to the police who would consider it illegal to do so?

The bottom line is that insurers don't like it because there is no reason to have dual cover? You would be paying for two policies to cover the same thing that you can legally only make one claim from. Having more than one policy is a tactic used by fraudsters to make a profit by claiming on multiple policies. This is why they don't like it.

The OP suggests a simple change of insurers. Overlapping the two policies is not illegal but claiming on both from this overlap period would be. From my previous post, just chose a specific time and date and tell both insurers this.

[quarterday]

maintaining two policies for the same risk entitles the insurers to void cover under both under the typical resi buildings insurance policy. This is therefore very bad practice

[robbo23]

The exact expiry date and time will be on your insurance certificate. Just ask the new provider to take over from then. Simples.:)