topic Re: A Curosity Question in Community Chat

A Curosity Question

Marp2 — Wed, 25 Jun 2014 15:00:30 GMT

I just watched a piece on HLN where a man's Corvette, stolen 33 years ago, has been recovered.

Going on the premise that he collected insurance claim money at the time of the theft now that the car has been recovered would he be required to return the insurance money?

Re: A Curosity Question

qualitygal — Wed, 25 Jun 2014 15:02:55 GMT

Not sure, but for some reason, I don't think so.

Re: A Curosity Question

AngusandBuddhasMom — Wed, 25 Jun 2014 15:07:11 GMT

No the insurance money was paid for the car being stolen which it was. He was given that money because he paid for an insurance policy that covered such damages for loss or theft of his car.

Re: A Curosity Question

151949 — Wed, 25 Jun 2014 15:09:09 GMT

In fact - when he got the insurance settlement he would have had to surrender the title to the car. So that recovered car is now the property of the insurance co.

Re: A Curosity Question

azterry! — Wed, 25 Jun 2014 15:11:02 GMT

On 6/25/2014 happy housewife said:
In fact - when he got the insurance settlement he would have had to surrender the title to the car. So that recovered car is now the property of the insurance co.

this is correct.

When you settle up for a total theft of a vehicle, you sign the title over to the insurance company. You also sign over your title (in most cases) when your car is a total loss after an accident. The insurance company sells the vehicle as salvage.

Re: A Curosity Question

AngusandBuddhasMom — Wed, 25 Jun 2014 15:13:58 GMT

You can make arrangements to buy back the car at the time of settlement but 30 years later? I don't know..

Re: A Curosity Question

Marp2 — Wed, 25 Jun 2014 15:14:03 GMT

Thank you for the answers. Poor man was so excited about being informed the car was recovered I really feel sorry for him if the insurance company claims it.

Re: A Curosity Question

brii — Wed, 25 Jun 2014 15:15:34 GMT

Maybe they will let him buy it back.

33 years is a long time... where did they find the car?

Re: A Curosity Question

azterry! — Wed, 25 Jun 2014 15:16:34 GMT

On 6/25/2014 Marp2 said:
Thank you for the answers. Poor man was so excited about being informed the car was recovered I really feel sorry for him if the insurance company claims it.

You really don't have to feel sorry for him. When he settled, he was paid the actual cash value of the car--in effect the insurance company "bought" the car from him. They aren't "claiming" it. They are the titled owners.

He can bid on it to buy it back when it goes up for salvage saleif he wants it back.

Re: A Curosity Question

evelomaddict — Wed, 25 Jun 2014 15:20:58 GMT

hopefully, he would just be able to return what they paid him 33 years ago. is the insurance company still in business?

Re: A Curosity Question

CouponQueen — Wed, 25 Jun 2014 15:21:02 GMT

That car would be considered a classic today and possibly worth A LOT more then he was paid for by the insurance.

Re: A Curosity Question

AngusandBuddhasMom — Wed, 25 Jun 2014 15:26:27 GMT

Like I stated above. It depends on what was agreed upon with the insurance company at the time of the settlement. As to what would happen if the car was eventually recovered. The Insurance company would own the title but if they were no longer in business then the title would over been turned over to a trust through another insurance company or bank. Just like a house. So he would need to find out through the state if the company was no longer in existence.

Re: A Curosity Question

chrystaltree — Wed, 25 Jun 2014 15:27:15 GMT

I would assume that the recovered car belongs to the insurance company now.

Re: A Curosity Question

Buck-i-Nana — Wed, 25 Jun 2014 15:30:20 GMT

On 6/25/2014 azterry! said:
On 6/25/2014 Marp2 said:
Thank you for the answers. Poor man was so excited about being informed the car was recovered I really feel sorry for him if the insurance company claims it.

You really don't have to feel sorry for him. When he settled, he was paid the actual cash value of the car--in effect the insurance company "bought" the car from him. They aren't "claiming" it. They are the titled owners.

He can bid on it to buy it back when it goes up for salvage saleif he wants it back.

I didn't see the story, and can't find it in a quick search.

If the car was found in good condition, then I for one do still feel sorry for him. That car is worth significantly more now as a collectible than it was worth at the time of the settlement. The vette owners I know were permanently attached to their "babies" from the moment they made their purchase and they have kept them and loved them.

Re: A Curosity Question

azterry! — Wed, 25 Jun 2014 15:41:05 GMT

On 6/25/2014 CouponQueen said:
That car would be considered a classic today and possibly worth A LOT more then he was paid for by the insurance.

...maybe.

It all depends on how the car was used during the last 33 years. If it was driven normally and has normal wear and tear for its age, it's just a 33 year old Corvette. If it was driven hard, it has significantly less value.If it had been garaged/stored/restored it could be worth more.

ETA a quick google search shows the average selling cost today to be around $12,000.

Re: A Curosity Question

Marp2 — Wed, 25 Jun 2014 15:50:38 GMT

On 6/25/2014 Buck-i-Nana said:
I didn't see the story, and can't find it in a quick search.

If the car was found in good condition, then I for one do still feel sorry for him. That car is worth significantly more now as a collectible than it was worth at the time of the settlement. The vette owners I know were permanently attached to their "babies" from the moment they made their purchase and they have kept them and loved them.

The STORY can be seen/read here: http://www.detroitnews.com/article/20140625/METRO01/306250062/0/metro08/Man-s-prized-79-Corvette-found-33-years-after-went-missing-Detroit

Re: A Curosity Question

Buck-i-Nana — Wed, 25 Jun 2014 15:58:23 GMT

On 6/25/2014 Marp2 said:
On 6/25/2014 Buck-i-Nana said:
I didn't see the story, and can't find it in a quick search.

If the car was found in good condition, then I for one do still feel sorry for him. That car is worth significantly more now as a collectible than it was worth at the time of the settlement. The vette owners I know were permanently attached to their "babies" from the moment they made their purchase and they have kept them and loved them.

The STORY can be seen/read here: http://www.detroitnews.com/article/20140625/METRO01/306250062/0/metro08/Man-s-prized-79-Corvette-found-33-years-after-went-missing-Detroit

Thanks for the link Marp, what a nice news report. From the report, it seems AAA insurance notified him that he had his car back, so perhaps they operate differently than other insurers. Don't know, but he's got his baby back and a great story to go with it.

Re: A Curosity Question

hckynut — Wed, 25 Jun 2014 17:39:28 GMT

I can say this about your question. Whatever they paid out for this Vette 33 years ago is probably not even close to what he might be able to sell it for now. If this car is in any kind of good shape they are worth thousands of $$$$ more than they were back in 1981.

If his insurer is still in business that is an interesting question and I don't have an answer for it and will leave that up to the lawyers to figure out. Now were it my car and I knew it was still in good enough shape to restore? I would pay back what the insurer paid and fix it up and make a more than likely get those thousands of $$$ more that it is probably worth at the present time.

A lot depends on the type of Vette and also its condition.

Re: A Curosity Question

azterry! — Wed, 25 Jun 2014 18:11:33 GMT

On 6/25/2014 hckynut said:
I can say this about your question. Whatever they paid out for this Vette 33 years ago is probably not even close to what he might be able to sell it for now. If this car is in any kind of good shape they are worth thousands of $$$$ more than they were back in 1981.

If his insurer is still in business that is an interesting question and I don't have an answer for it and will leave that up to the lawyers to figure out. Now were it my car and I knew it was still in good enough shape to restore? I would pay back what the insurer paid and fix it up and make a more than likely get those thousands of $$$ more that it is probably worth at the present time.

A lot depends on the type of Vette and also its condition.

1979 was not a great year for Vettes.

I found a website that ranked the 10 worst years for the Corvette and the '79 was in that bottom 10.

It looks as though a '79 is good shape is worth about 12k. I doubt very much it is worth thousands more than what he paid for it originally.

Re: A Curosity Question

Buck-i-Nana — Wed, 25 Jun 2014 18:49:15 GMT

On 6/25/2014 azterry! said:
On 6/25/2014 hckynut said:
I can say this about your question. Whatever they paid out for this Vette 33 years ago is probably not even close to what he might be able to sell it for now. If this car is in any kind of good shape they are worth thousands of $$$$ more than they were back in 1981.

If his insurer is still in business that is an interesting question and I don't have an answer for it and will leave that up to the lawyers to figure out. Now were it my car and I knew it was still in good enough shape to restore? I would pay back what the insurer paid and fix it up and make a more than likely get those thousands of $$$ more that it is probably worth at the present time.

A lot depends on the type of Vette and also its condition.

1979 was not a great year for Vettes.

I found a website that ranked the 10 worst years for the Corvette and the '79 was in that bottom 10.

It looks as though a '79 is good shape is worth about 12k. I doubt very much it is worth thousands more than what he paid for it originally.

It's not just about the money, it's about the passion and the connection vette owners have with their cars. From the report though, it sounds as though the insurance company, AAA, has deemed the original owner is still the owner of the car.