What to do if your car was recovered long after it was stolen?

fantasyvn

Could you pls advise what one can do in this situation?

Your car was stolen a few months ago. When it happened, you had to call your insurance company and did everything necessary. You bought a new car and told the insurance company. You informed the police, etc.

And now a few months later suddenly the police told you that the car was found.

What can you do in this case? If you recover the car, can you sell it as you already have another car?

Do you have to call the insurance company and tell them as well?

Thank you for your advice.

gbhxu

If you got paid out for the theft of the vehicle, I'd say that it's now the property of your insurance company.
Otherwise, the car is yours

lordmountararat

As far as I am aware a recovered vehicle where the insurance claim has been settled then belongs to the insurance company and they will dispose of it, probably at an auction.

fantasyvn

Thank you so much for your prompt replies.

Yes, the insurance company did pay out when the theft happened.

So does it mean that I should simply inform the insurance company, which will contact the police directly and take it from there. I don't have to do anything else?

Thank you.

lordmountararat

Tell the insurance company that the police have now recovered the stolen vehicle and let them take it from there.

Sandtree

fantasyvn said:

So does it mean that I should simply inform the insurance company, which will contact the police directly and take it from there. I don't have to do anything else?

You certainly need to do that.

Do you know what state its in? It now belongs to the insurer but if you were interested in having it they may be open to you buying it off them... if its a burnt out wreck then clearly a non-option.

Grumpy_chap

fantasyvn said:

Could you pls advise what one can do in this situation?

Your car was stolen a few months ago. When it happened, you had to call your insurance company and did everything necessary. You bought a new car and told the insurance company. You informed the police, etc.

And now a few months later suddenly the police told you that the car was found.

What can you do in this case? If you recover the car, can you sell it as you already have another car?

Do you have to call the insurance company and tell them as well?

Thank you for your advice.

Definitely, as others have said, the car now belongs to the insurance company.  Phone them and let them recover the salvage and do with it what they will.

However, and there may be some insurance experts that can advise, does it impact the excess that you suffered a loss?  This could vary, as there are many scenarios for a recovered vehicle:

1. The recovered vehicle is so badly damaged that, after allowing for recovery costs, the value of the claim after the salvage is sold actually went up.  Tough luck on the insurance company.
2. The recovered vehicle is as good as the day it was taken.  So, for example, you had a £10k car and got paid £9.5k after deduction of £500 excess.  The insurance company now sell the car for £10k.  Do you get your excess back?

fantasyvn

Thank you so much. The replies are very useful for me to know.

jimbo6977

Grumpy_chap said:

fantasyvn said:

Could you pls advise what one can do in this situation?

Your car was stolen a few months ago. When it happened, you had to call your insurance company and did everything necessary. You bought a new car and told the insurance company. You informed the police, etc.

And now a few months later suddenly the police told you that the car was found.

What can you do in this case? If you recover the car, can you sell it as you already have another car?

Do you have to call the insurance company and tell them as well?

Thank you for your advice.

Definitely, as others have said, the car now belongs to the insurance company.  Phone them and let them recover the salvage and do with it what they will.

However, and there may be some insurance experts that can advise, does it impact the excess that you suffered a loss?  This could vary, as there are many scenarios for a recovered vehicle:

1. The recovered vehicle is so badly damaged that, after allowing for recovery costs, the value of the claim after the salvage is sold actually went up.  Tough luck on the insurance company.
2. The recovered vehicle is as good as the day it was taken.  So, for example, you had a £10k car and got paid £9.5k after deduction of £500 excess.  The insurance company now sell the car for £10k.  Do you get your excess back?

Point 2 is theoretical rather than likely, and don't forget the insurer will likely have other costs such as towing and storage to pay. 

Sandtree

Grumpy_chap said:

1. The recovered vehicle is so badly damaged that, after allowing for recovery costs, the value of the claim after the salvage is sold actually went up.  Tough luck on the insurance company.
2. The recovered vehicle is as good as the day it was taken.  So, for example, you had a £10k car and got paid £9.5k after deduction of £500 excess.  The insurance company now sell the car for £10k.  Do you get your excess back?

You don't get the excess back and given the insurer sells it to trade who then resell it with a profit margin its highly unlikely they get more than the net claim amount unless something very odd has happened and second hand values have skyrocketed however most insurers are reasonable and will allow you to repay the £9.5k and let you keep the car with the claim then being closed as non-fault.

Insurance is a risk transfer mechanism, you exchange the risk of a big loss for the guarantee of a small loss (the premium). Insurers are then taking on that risk (or they cede some of it to reinsurers etc) and whilst most of the time its downside risk very occasionally there is upside risk too. 

fantasyvn

I have a related question: What if the recovered car still contains my personal belongings, for example, books, wallet, etc? 

Can I receive those personal belongings and how? Do I have to pay to take them back?

Thank you