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PonyDriver
What happens if a stolen vehicle is found after you collect from insurance?
What happens in a situation if you have a stolen vehicle and time goes by and it hasn't been recovered. You collect money from your insurance company for you loss and spend that money on another vehicle or whatever. What happens if your stolen vehicle is found AFTER you collect that insurance money. Is is still considered your vehicle and returned to you? Does it belong to the insurance company? Would you have to pay the insurance company the money back in order to get your stolen vehicle that was found? Could the owner of that vehicle ever have the option of having that vehicle back if recovered after collecting from the insurance? Or is it considered no one's vehicle anymore after a certain amount of time?
The vehicle legally belongs to the insurance company. If the vehicle is wrecked they will sell it for salvage. If it's still in one piece they will sell it. You may be able to keep the vehicle, however you will have to pay back the money the insurer gave you if the vehicle is still in the same condition, or you will have to pay the insurer the salvage value.
acermill
In such a situation, the stolen vehicle will be owned by the insurer who paid you for it. Generally such vehicles are sent to dealer auction lots for disposal. The only way you could get it back is, if you discover that it has been recovered, you immediately contact the insurer to see if you can repurchase the car from the insurer.
The insurer may or may not be willing to sell it back to you.
JJ
One thing the other people did not point out is that if you try to keep the car and money without contacting your insurance company it is insurance fraud. Depending on the amount, it could be a very bad thing to have them file a case against you. They will likely find out sooner or later, as they have probably filed the VIN as a stolen vehicle and when you try to sell/trade in later it will come up on a report.
car253
The car belongs to the insurance company. You would not be able to register it and if you try the DMV will call the police because it will show up as a stolen vehicle.
You need to call the insurance company and tell them you found the car so they can make arrangements to pick it up.
RAY
As previous answers have stated the vehicle is now ‘salvage’ and the property of the insurance company.
Obviously they don’t want it, but it’s also unlikely they will handle the disposal themselves (though I’d certainly ‘phone and ask). They will probably have an arrangement with a salvage yard to dispose of all their salvage vehicles (wrecks and uneconomic repairs as well as recovered stolen). So they might just give you the details of the salvage yard and tell you to call them. From then in you’re in competition with ‘trade’ to buy the vehicle, although if you exercise a bit of charm they might give you a bit of preferential treatment as the ‘rightful heir’ as it were.
Always worth a go… you might pick up a bargain given that you have the advantage of knowing the vehicles history.
You may find that out of that say 1,000 pay out that you could pick up the vehicle as salvage for 700, spend 100 on repairs and end up with your car back and 200 in your pocket. This would be perfectly legal and above board, you wouldn’t be expected to pay that 200 back nor would the insurer ask you to.
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