once insurers pay out after my car was stolen. police have n

by vickykinder » Sat May 21, 2011 12:27 pm

my car was stolen in April 2011. police couldnt find my car, so i informed insurance. My insurance are in the process of paying me out the money should be in my bank by wednesday this week.

But police have just informed me today they have found my car with minor damage. Now the moneys coming through. Is it the insurances property? and if so can i buy it back? will it be the full aount they paid out to me? or will they sell it back to me for less that they paid out to me?

Total Comments: 3

Posted: Sat May 21, 2011 02:06 pm Post Subject:

Is it the insurances property?

Once the title/paper work for the title has been signed and payment issued, they own the vehicle.

and if so can i buy it back?

Usually not. Insurance companies are not in the business of selling vehicles.

The police have told you that they cannot see much damage... but what about the engine, transmission, etc? I'd not recommend keeping the vehicle as you never know what they did to it.

Posted: Mon May 23, 2011 09:22 am Post Subject:

They may have simply used it for traveling from one place to another, but you never know the risks. The internal body parts may well have been damaged beyond your knowledge.

Posted: Tue May 24, 2011 12:06 pm Post Subject:

I don’t think that you can buy your car back from insurance company, they don’t sell car specially if you already signed the papers or documents that your car was stolen and they already send you the money

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