Multiple motor insurance policies for the same car: Is that even possible?

Third-party insurance is mandatory by Indian law for all vehicles and it’s advisable to have one for multiple reasons. One, it covers you from any third-party liabilities that may come up in case of an accident. Two, it protects your pockets from heavy traffic fines. Apart from a primary cover, car insurance also gives you the option to choose add-on covers for your car to get wider coverage for your car in case of any untoward incidents.

But have you ever wondered if there are any other ways to make sure your car insurance coverage is enough? Like in health insurance, you have a base plan and top up plans that you could purchase to enhance coverage, wouldn’t it be great if you had the same option for car insurance as well.

To put it very simply – there are no top up plans for car insurance, but you may consider buying more than one car insurance policy for the same car. But before you choose to take the step, it’s essential to know more from the practical aspect of having 2 car insurance policies for the same car.

Though not illegal, it is not advised to purchase more than one insurance policy for your car. While some insurers may not issue you a policy if you already have one existing and valid policy, there are others who may sell two policies just to earn more in terms of biographycon.

It is however important to remember that purchasing two car insurance policies means you may end up violating the terms of both insurance companies and your claims could be delayed or rejected. In fact, you may also not be able to claim the entire amount as it will be considered fraud.  So, make sure you raise for claim and compensation only from one allmeaninginhindi.

Does it really even make sense to have Double Car Insurance?

If you think that purchasing 2 car insurance policies will increase the cover of your vehicle then you need to re-think. Since car insurance coverage and premium depends on multiple factors including Insured Declared Value (IDV), two car insurance policies will actually not increase the value of your car but only make your premium amount higher. Therefore, having double car insurance policies is not economically viable.

Some disadvantages of having a double car insurance policy fleepbleep:

    • May result in delayed payment of claims
    • Hikes up your premium amount without any sizeable benefit
    • Does not enhance your car insurance coverage

Thus, going for double coverage is not advised and does not make sense to have.

Make sure you don’t purchase double Car Insurance policy

It is possible that you may accidentally end up purchasing two insurance policies for your car due to oversight or error. However, here are a few pointers that will help you to avoid dual policy purchase:

    • Thoroughly check through your existing policy before renewal to avoid overlapping of policies
    • Make sure you renew your car insurance on time to avoid having too much overlap between both the policies
    • If you are looking to enhance coverage of your car, it is recommended to purchase relevant add-on covers as having two policies does not give you better cover

To sum up, buying 2 insurance policies for your car is an absolute no-no. Neither does it enhance coverage nor increase the value of your car. The best way forward is to have one comprehensive car insurance policy and renew it on time. Choosing suitable add-on covers makes sure that you have enhanced coverage for a nominal cost. And to make this process simpler and fully digital, download and login to the Bajaj Finserv app.

Anywhere, Anytime insurance with the Bajaj Finserv App

The Bajaj Finserv App is a high utility App that takes care of all your financial needs including insurance. On the app, you can explore car insurance plans from our trusted partners. Here you can view product features, compare prices and purchase a plan that is best suited to your needs. All this in a matter of minutes and from the comfort of your home. It truly is becoming the new way to buy insurance.

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