Where can I find out about transit insurance for our move abroad ,this is to cover all our belongings?

Question

We are moving to Germany and wish to take out insurance to cover our posessions while in transit as well as in storage.We are packing most of it ourselves and the removal people are a small local firm which regularly moves people to the continent and do have an insurance but I would like to be 100% sure we are covered.

Answer 1

Steve B - the reason you can't claim twice for the same event on different insurance policies is the basic insurance principle of 'indemnity'.

Indemnity means that the insured person should be restored to the position they were in before the event took place. They should not in any way profit from an insurance claim.

I know this is not followed to the letter- e.g. GAP Insurance on Vehicles & New for Old on contents go further than the basic indemnity principle- but if that basic principle did not underline insurance in general - claims would go through the roof & we would be creating more millionares per year than all the national lotteries in the world.

You would have people insuring their yachts with 20 different policies, setting a match to it & retiring to the Bahamas with thier brand spanking new boat AND a million quid in their pocket.

Angel is also quite right in what she says- if the same thing is covered twice then both insurers will contribute towards the settlement of the claim. There are a few different ways (quite complicated) in which they calculate exactly who pays what portion of the claim depending on the policy wordings of each policy.

The only reason the insurers will not share the cost of a claim is if one policy is a more 'specific' policy.
An example of a more 'specific' insurance- If a mobile phone is lost or stolen & you have cover on a mobile phone insurance AND your house insurance, the mobile phone policy will have to pay up because it is more specific to the loss.

Answer 2

the company probably restrict their liability for any one item but they may have an agreed value basis which is probably the cheapest way of arranging the cover - alternatively separate insurance could be arranged through a specialist such as Towergate Insurance. It's not true that they won't pay out if you're insured twice but it may take longer to sort out it's all down to liability

Answer 3

Most Insurance Companies will refuse to pay out on claims that are covered by other Insurance Companies (funny that = I guess it's so your can't claim twice - but if you paid twice the premiums, why not ?).

So if you ARE covered twice, and you have to claim, when they find out, they will 'ping-pong' your claim backwards and forwards for all eternity .. Insurance Companies do not get rich by paying out on claims...

Answer 4

That'd be incredible if all people substitute right into a reaction-in a position shopper yet in ingredient of certainty a lot of people fail take proactive steps in lots of areas of their lifestyles. until u . s . a . of america wakes up and realizes that the Federal Reserve is a privately held business enterprise - and what which capacity to each individuals - and the two buys it back or abolishes it then globalization will proceed to hang-out the yankee industry.