Overlapping insurance.

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KrujaaLass

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I am going to change my two horses insurance. Shall I overllap so I am covered for the first two weeks. Can you do this thanks
 
I can't see any reason why you can't. Its your choice to have as many policies in place as you want. But in the event of an incident the two insurers may both say it is the others responsibility and you end up out of pocket. It just seems like too obvious a loophole for the companies not to have closed it!
 
I changed to kbis and it stated if new policy was same type as old policy from last insurer with no gap they would cover from day 1.
 
I would think this is OK, as long as if there is an incident you don't try to claim off both! I think there may be a bit of to-ing and fro-ing, but I think you would be covered.

I would call the insurance and ask them direct. It is not like you are trying to exploit a 'loophole' to your benefit, you are prepared to pay double for 2 weeks. The initial 2 weeks is just to ensure that people don't insure at the first sign of colic etc. and the reasoning behind this is still fulfilled.

If you contact them they may be prepared to cover from day 1 anyway, no need for an overlap as you are already insured.
 
Shay said:
I can't see any reason why you can't. Its your choice to have as many policies in place as you want. But in the event of an incident the two insurers may both say it is the others responsibility and you end up out of pocket. It just seems like too obvious a loophole for the companies not to have closed it!
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The claim will be paid by the first company which took on the liability. So you claim against the old policy until it's expired.
 
You're not meant to have two insurances going - you shoulddo it from the date it's for renewal.
 
Sparkles said:
You're not meant to have two insurances going - you shoulddo it from the date it's for renewal.
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If they do that then the horse will not be covered for illness for two weeks. I have a friend who lost a valuable horse to colic who never got a penny because of this.

There is nothing illegal about having double insurance, only trying to claim on both is wrong.
 
Sparkles said:
You're not meant to have two insurances going - you shoulddo it from the date it's for renewal.
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I am not sure that having the insurances is the problem, it is if you try to make more than one claim. For example, one year I had third party insurance from BHS, BE, BS and BD! My horse insurance also gave me protection. I soon clocked on to cancelling the horse ins 3rd party part, but only because it was cheaper to do so.
 
ycbm said:
If they do that then the horse will not be covered for illness for two weeks. I have a friend who lost a valuable horse to colic who never got a penny because of this.

There is nothing illegal about having double insurance, only trying to claim on both is wrong.
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I never said it was illegal. A few companies if you say its up for renewal won't start it until the renewal date. I'm aware of the 14 day restricted period however it can be possible to get this lifted early pending docs and requirements.
 
You aren't allowed two car insurance policies on the same car as you end up in a dispute between the companies about who is liable. But in this case they have databases of every car and can check insurance status.

With horses there is no such system to say who you are insured with for a particular horse, so I really doubt the two companies would ever check whether you were insured elsewhere.
 
Abacus said:
You aren't allowed two car insurance policies on the same car as you end up in a dispute between the companies about who is liable. But in this case they have databases of every car and can check insurance status.

With horses there is no such system to say who you are insured with for a particular horse, so I really doubt the two companies would ever check whether you were insured elsewhere.
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It depends on your policy whether previous renewal docs are required, which would catch you out as the date would be documented on there. �� I understand the reasoning to overlap, but I just personally wouldn't risk the implications of a claim being argued over responsibility. Jmo though! ��
 
Abacus said:
You aren't allowed two car insurance policies on the same car as you end up in a dispute between the companies about who is liable. But in this case they have databases of every car and can check insurance status.

With horses there is no such system to say who you are insured with for a particular horse, so I really doubt the two companies would ever check whether you were insured elsewhere.
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There is nothing stopping you having two policies on one car in fact myself and my mum did it for our shared car when I was younger so we both had our own NCD and never had a problem. I see no reason to doing what you are suggesting OP anything for illness would go to the original insurer who have accepted liability for these things in your policy for it. You would need to inform new insurer of illness but it would be on your vet record anyway. Technically if it was a claim for injury/third party then potentially that would be 50/50 between each insurer but unlike car as there isn't a national database of horse insurance I'm not sure how that would be enforced if you went to one insurer. Obviously claiming twice from each insurer for one incident would be classed as fraud.
 
ossy said:
Obviously claiming twice from each insurer for one incident would be classed as fraud.
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Why? - (i dont insure my horses myself so this is all new to me) but I work in insurances and its common for one person to have say two life insurance policies. So one incident would = multiple pay outs.
 
mayangold said:
Why? - (i dont insure my horses myself so this is all new to me) but I work in insurances and its common for one person to have say two life insurance policies. So one incident would = multiple pay outs.
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Happy to be corrected as this is just what I have been led to believe, with life insurance you are paying for a policy to pay out a particular amount, so if you pay for multiple payouts you get them in this case. With horse insurance you are paying for your own liable costs to be covered so for example if you have a £3,000 vet bill you can't recoup £6,000 for it was that is covering more than what you are liable for? I'm not sure about loss of use I suppose that is a bit more like life insurance?
 
I'm guessing the difference is that car/horse/ house/contents are insured for the unexpected whereas life insurance is for the guaranteed (we all die eventually) so one is for if, the other is for when. Life insurers know they will pay out one day and calculate premiums on that basis. Others are paying out on a less certain calculation.
 
Would not be able to claim on new insurance as not covered for first two weeks so will keep old one going to cover that two week exclusion. Thanks for everyone's thoughts
 
ossy said:
you are paying for your own liable costs to be covered so for example if you have a £3,000 vet bill you can't recoup £6,000 for it was that is covering more than what you are liable for?
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Ah that makes sense. Your insuring against the 'bill' rather than the event

ribbons said:
Life insurers know they will pay out one day and calculate premiums on that basis. Others are paying out on a less certain calculation.
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Not always for instance your insurance might end when you get to age 70- you may not have passed away in that time so it ceases without value.
 
Then surely that is not life insurance, but some other type of cover. Or maybe an option offered at time of taking out the policy ?
 
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