Stolen Car recovered after settlement

Zubair khan · 20-09-2014 3:30am #1

Hi all,
My stolen Car is recovered after i have got the payment from the insurance company. Do i have the rights to get that car ? Or how can i get that car back if i want?? Can anybody explain.. Thanks

Zubair khan · 20-09-2014 3:38am

Hi all,
My stolen Car is recovered after i have got the payment from the insurance company. Do i have the rights to get that car ? Or how can i get that car back if i want?? Can anybody explain.. Thanks

corglass · 20-09-2014 4:20am

Zubair khan wrote: »

Hi all,
My stolen Car is recovered after i have got the payment from the insurance company. Do i have the rights to get that car ? Or how can i get that car back if i want?? Can anybody explain.. Thanks

Ask your insurance company, genuinely.
Theyll be able to answer any questions like this

COYVB · 20-09-2014 4:26am

AFAIK the insurance company owns the car now, and they'll likely give you the option of returning the money for the car back

djimi · 20-09-2014 4:27am

As far as I know the car now belongs to the insurance company. Most likely you will be able to come to a settlement agreement to buy it back from them.

Esel · 20-09-2014 4:31am

COYVB wrote: »

AFAIK the insurance company owns the car now, and they'll likely give you the option of returning the money for the car back

Close, but no cigarillo, imo. It all depends on the pre/post theft condition of the car.

oldyouth · 20-09-2014 7:07am

The vehicle now belongs to the insurer. They will likely agree to sell it back to you. If there is damage, the price is negotiable. If there is a shortfall between what they paid you and what you give back, that remains on your claims experience

Atlantic Dawn · 20-09-2014 7:13am

Ask yourself would you want it back? Perhaps if it was left parked up for some rsm raid or bank job it might be unabused, other than that it's likely been thrashed.

veetwin · 20-09-2014 9:21am

Pretty sure the car is now the property of the insurance company and it's up to them how they dispose of it. Contact them and they see if they would sell it to you if that's what you want.

bazz26 · 20-09-2014 12:21pm

Once the insurance company pays out and the car is recovered then it is their property. However you should have the option of buying it back off them.

_Kaiser_ · 20-09-2014 12:29pm

I'd probably be happy with the money if you got a decent settlement.

Who knows what was done to your old car or how it was driven by the thieves

Zubair khan · 20-09-2014 1:35pm

Thats right, i donno the current condition of my car i must see it first and than negotiate with insurance company about its current price. True? Coz the price they gave me (not proper though) was of the car when it was stolen. The current condition of the car could be very different than the condition of the car at the time when it was stolen. Agree??

Also can somebody tell me please what should i do? IF...in case, the insurance company has written off this car ? I like my car I actually loved it..

djimi · 20-09-2014 2:56pm

Zubair khan wrote: »

Also can somebody tell me please what should i do?

Wait until you see the condition of the car before you make any decisions. Unfortunately its entirely possible you wont want to buy it back

mik_da_man · 20-09-2014 5:10pm

djimi wrote: »

Wait until you see the condition of the car before you make any decisions. Unfortunately its entirely possible you wont want to buy it back

Yeah, defo go see it, try to find out what happened to it, was it just sitting up or being ragged around the place.

Then decide if you want it back.
Take into account why was it stolen, deseriable, easy to nick, likelihood of it happening again.

If your sure you want it ask the insurance co if you could buy it back.

coylemj · 20-09-2014 6:13pm

Legally the insurance company now owns the car, it's under a principal called subrogation. If the car is in a reasonable condition, it's likely that the OP will be able to offer the insurance company more than they will get by selling it into the trade so as already advised, he needs to check out the condition of the car and then make the insurance company an offer if he wants it back.

Just in case there's any doubts, the OP has no rights over and above any other punter putting in a bid for the car, his ownership rights passed in full to the insurance company when he accepted the cheque in settlement of his claim so it's theirs to do with as they please.

George Dalton · 20-09-2014 6:15pm

What kind of car is it? What value approx?

homingbird · 20-09-2014 8:22pm

Insurance company's are not car dealers so it will be sold to a car breaker to recover some of the money they paid you the rest they will get back off you come your renewal . Like banks & people defaulting on a mortgage Bank sells house at reduced rate & you owe them the rest.

Casati · 21-09-2014 10:06am

If the car is still in good condition then the insurance company won't sell it for scrap, they will attempt to get the maximum price possible and more likely than not it will appear in one of the auction houses in Dublin- where you could then bid on it

Cleveland Hot Pocket · 21-09-2014 11:55am

homingbird wrote: »

Insurance company's are not car dealers so it will be sold to a car breaker to recover some of the money they paid you the rest they will get back off you come your renewal . Like banks & people defaulting on a mortgage Bank sells house at reduced rate & you owe them the rest.

That is just, not true, in this situation.
The level of misinformation is strong in this one, padwan.

Zubair khan · 22-09-2014 6:19am

As my car was stolen so i was told that my no claim bonus wont affect. Do you still think i will have to pay more for insurance renewal next year???

Zubair khan · 22-09-2014 6:22am

I agree i have to see the condition of the car first than i will see what options i will have to buy it back. May car is vw golf it was in very good condition when it was stolen..

slimjimmc · 22-09-2014 6:29am

Zubair khan wrote: »

As my car was stolen so i was told that my no claim bonus wont affect. Do you still think i will have to pay more for insurance renewal next year???

If you have NCB protection then next year's insurance should not rise, or at least not by a large amount, if you stay with the same insurer. A different insurer could quote a higher price because you still have a claim on your record.

Liam McPoyle · 22-09-2014 6:48am

Zubair khan wrote: »

As my car was stolen so i was told that my no claim bonus wont affect. Do you still think i will have to pay more for insurance renewal next year???

Non fault claims generally have no effect on the bonus, most insurers only penalise for accidental damage or third party claims however you will need to confirm with your insurer.

corktina · 22-09-2014 7:25am

I guess it is recorded as a Claim though which would pose problems if you wanted to switch insurer.

I'd offer slightly over scrap value if I was the OP

Liam McPoyle · 22-09-2014 12:50pm

corktina wrote: »

I guess it is recorded as a Claim though which would pose problems if you wanted to switch insurer.

I'd offer slightly over scrap value if I was the OP

Not really tbh. Non fault claims are generally looked at differently to at fault ones. Of course it varies but most insurers would accept at least 1 fire or theft claim without any issue, up to a certain value, usually up to €20k.

Stolen Car recovered after settlement

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