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Yes; in fact, it is quite common.
One scenario in which it frequently happens is that of subrogation. When an insurer pays for the repair of its insured's vehicle, it acquires the right of action of the insured to recover that which it paid. If the other driver was insured, and if the two insurers have agreed (in advance) to arbitrate their subrogation disputes, arbitration is the only dispute resolution mechanism that may be used.
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