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Double insurance?
I took out two different insurance policies on my mobile phone about a year ago. (Long story....) Will "they" find out if I claim my broken phone from both insurance companies? No need to go legal on me, cause that's not the question!
Whilst it is ok for you to, if you have an insurable interest in a piece of property and the point of doing so is not fraudulent, take out as many policies on one item as you wish, you cannot double-up your recovery of the value of an item, even if you have paid premiums for both (and the insurers may keep the premiums paid, even if you do not ask them to pay as they have still run the risk that they might have had to indemnify your loss).
You are only allowed to recover the loss of value of the phone (and no more), although you may elect which company to take the insurance from.
Insurers nowadays share information. If you claim on both policies, they will find out and will not pay out. Worse is that they will record that you have acted in that way, which will affect your payable premiums on future insurance policies (they will increase).
Basically, don't bother trying to recover more than the value of the phone. Accept that you have lost any premiums paid to the insurers that will not pay out, as you will be foud out, and the increase in premiums to all your other insurance (house, car etc) will compound your loss.
I have no clue but try it and find out, let me know what happens
They probably will
I wouldent have thought so as long as you leave a while in between each claim. and if they are with different companies it is unlikely you will get caught.
yes they will
Well, the problem is, you'll have to send in the broken phone to both companies . . . and they'll check the serial number.
But if you could clone the phone, they probably won't find out.
Both companies will want you to send in the phone to them. So it doesn't sound like you'll be able to pull it off.
In property insurance, the insurer will not pay double payment, and in your case you will be considered as moral hazard. Think ethically.
Its called double indemnity , and yes Insurance companies share information, You stand a good chance of being caught, and prosecuted. Is it worth it for a few quid?
simply - yes
they share information, probably already know its double insured so you might well get them each referring you to the other insurance and you get - zip
Double insurance does not mean that in case of claim you will benefit twice the amount claimed. When there is double insurance, claim is settled on contributory basis, i.e. both insurance companies will contribute partly to arrive at the amount payable.