Community Chat

[Marp2]

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?

[qualitygal]

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

[AngusandBuddhasMom]

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.

[151949]

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.

[azterry!]

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.

[AngusandBuddhasMom]

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

[Marp2]

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.

[brii]

Maybe they will let him buy it back.

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

[azterry!]

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.

[evelomaddict]

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