It is perfectly legal to buy and hold more than one policy. However, do remember that the combined sum assured of all the life insurance policies should not exceed the human life value. A friend passed away in a road accident recently.

Can I insure my car with two different companies?

Although no laws prohibit you from purchasing two auto policies from two different companies, an insurer will not allow you to purchase two policies on the same car. If you have an auto accident, filing two claims with two different insurance providers constitutes insurance fraud even with two auto policies.

Why do people buy personal accident plans?

A personal accident plan protects you from medical bills and loss of income that arise from an accident. Most accidents cause injuries that result in short or long-term disabilities and treatment. In extreme cases, accidents cause permanent disability or death.

Is it illegal to have 2 home insurance policies?

If you’re buying a new property, you can have two home insurance policies running at the same time – one for the old property and another for the new. Your premium will be recalculated for the new property. If you’ve decided to switch to a new insurance provider for your new home, you’ll need to cancel your old policy.

What kind of accidents are covered by accident insurance?

Accident insurance covers qualifying injuries, which might include a broken limb, loss of a limb, burns, lacerations, or paralysis. In the event of your accidental death, accident insurance pays out money to your designated beneficiary.

Can a car accident happen with the same insurance company?

Getting involved in a car accident with a driver who has the same insurance company can also have its own risks. For instance, an insurer may try to take advantage of the opportunity and protect their bottom line by unreasonably delaying or denying your claim, or even failing to return your phone calls.

What happens if you have two insurance policies?

If you need to make a claim, and you have two insurance policies, one insurer could ask the other to make a contribution.

Can a person make a claim under two indemnity policies?

If an insured person has coverage under two indemnity insurance policies, he has the right to choose under which policy he wants to make the claim. Every week, an expert selected by ET answers queries from our readers on insurance. KG Krishnamoorthy Rao from Future Generali India Insurance answers the insurance queries from our readers.

Can you make a medical claim with two insurance companies?

Every week, an expert selected by ET answers queries from our readers on insurance. KG Krishnamoorthy Rao from Future Generali India Insurance answers the insurance queries from our readers. According to Medi-claim insurance rules, one cannot make claims with two insurance companies at the same time. Please tell me more about the rule?