HEY!! is it illegal to get ur car or whatever covered by more than one insurance co.?

Question

like if i totaled my car and I got full coverage from three different co.,would it be fraud to end up collecting my cars worth x3?

Answer 1

I believe it depends on the state in which you live. Check with your local insurance commissioner or any agent in your area.

Answer 2

It is not illegal unless you misrepresent the facts.  However, you need to disclose the existence of the other policies to each carrier so that they can coordinate coverage.  The other insurance clauses of each policy typically spell out "primacy".  In such a case I would anticipate that each carrier would usually owe 1/3rd of the loss.  I'm not sure why you purchased physical damage from 3 carriers on the same auto, but you clearly didn't understand the nature of insurance (indemnification vs. speculation).

Answer 3

Yes, it would be. You would have NICB (The National Insurance Crime Bureau) all involved,There are many other charges beside Insurance Fraud that you may face too. While it isn't illegal to carry insurance with more than one company each would only pay their share based on your deductible for collision and or comprehensive coverage. Really unless you are attempting commit insurance fraud or another illegal act there is no real reason to have more than one carrier for your car.

Answer 4

Well, it's not illegal to have multiple policies on your one car.  That's because you can't collect three times - each policy will share in the loss.  Each policy says HOW they share, but usually it's each company would pay 1/3 of the loss.  

So you would pay three times the premium, and not get any more money than if you have one policy.  Your call.

Answer 5

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Answer 6

yes

Answer 7

It's not illegal to be covered by more than one insurance policy, but you're not allowed to collect more than the total value of what you have insured.  The three different companies in your example would each pay a portion of your car's worth; the total amount you received would be the amount the car was worth.  The only added value to you would be that you would not have to pay a deductible, as each company's deductible would be effectively covered by the other companies' payments.