Car Insurance - Stolen Car Recovered?

C

clicker

Registered User
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Hi,

A friend of mine had his car stolen a couple of months ago. It was recovered last week by the Gardai and there was no damage done to it. He was on holiday when it was recovered and when he got back on Saturday morning there was a cheque from the Insurers waiting for him. He rang the Insurance Company and explained that the car had been recovered. The Insurance Company told him that after the car has been gone for 21 days it becomes their property and he could not have it back! Has anybody ever heard of this? Is it standard? Obviously he hasn't cashed the insurance cheque.

Thanks
 
HI Clicker,

I don't know if this standard policy with insurers or not but it sounds like one of the rules they have that make sense most of the time but not in every instance.

Is there any possibility your friend could cash the cheque and offer to buy the car off the insurance company at a greatly reduced price because the car was previously stolen?

efm
 
A friend of mine had his car stolen last year, bought a new car 2 weeks later as he had to have one for work and had given up hope of having the car recovered. His car was found a few days later undamaged and the insurance company didn't pay out so he had the sell again one of the cars losing money obviously.
 
clicker said:
Hi,

A friend of mine had his car stolen a couple of months ago. It was recovered last week by the Gardai and there was no damage done to it. He was on holiday when it was recovered and when he got back on Saturday morning there was a cheque from the Insurers waiting for him. He rang the Insurance Company and explained that the car had been recovered. The Insurance Company told him that after the car has been gone for 21 days it becomes their property and he could not have it back! Has anybody ever heard of this? Is it standard? Obviously he hasn't cashed the insurance cheque.

Thanks
Click to expand...

Once the claim is paid, any recovery belongs to the insurer.

The car will be put on HPI as a "stolen recovered" vehicle, greatly (25%?) decreasing it's value.

The original owner may want to buy it back, but that's subject to negotiation with his insurer. He might try giving the cheque back and getting his car back for much less than it's value.

His NCB may be lost however, unless it's protected.
 
Thanks for all your replies. The Insurance Company have agreed to take back the cheque and give him his car.
 
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