Can you have two or more insurances for the same car?

If it is possible to have two or more insurances for the same car, the law allows it, although there are several nuances to consider.

On the one hand, it is the obligation of the insured to notify all insurers about the existence of more than one insurance on the same car.

In the event of a claim, it is also an obligation to notify each insurer about the existence of other policies and their characteristics.

Finally, a value greater than that of the insured property may not be received as compensation, since the insurance prohibits profit.

In the following paragraphs we explore the above concepts in greater depth.

What is concurrency in insurance?

The competition occurs when two or more secure about the same insurable interest. In case of having two insurances for the same car, we would have concurrence of both insurances .

According to the site “”, competition is “a situation in which two or more policies cover the same risk.”

Within the insurance contract, the objective is to compensate the insured for the patrimonial loss caused by a claim, and it is never for the insured to make a profit.

Therefore, since there are two or more insurances, the law contemplates that the insured receive -at the most- the amount of the loss; for their part, the insurers share the payment of the claim, in proportion to the insured sums of their respective policies.

If I have two car insurance, can I collect my car theft twice?

Two different insurances cannot be charged for the same damage. In this case, the two insurers will share the payment of the claim in proportion to their insured amounts.

What obligation do I acquire if I buy a second insurance for my car?

When contracting two insurances for the same car, you have the obligation to notify both insurers.

“When insurance against the same risk and for the same interest is contracted with several companies, the insured will have the obligation to inform each of the insurers of the existence of the other insurances.

The notice must be given in writing and indicate the name of the insurers as well as the amounts insured”.

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