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Question
Our stolen vehicle was rcovered by the police after the insurance settlement was received and bank loan paid out. Does the insurance co. now own the vehicle? Can we buy it back if it is in good condition? And would we have to buy it back at full price? How does this all work?
Ali,
If you already gave them the title, then its theirs, IMO. But check with a lawyer. You can also simply tell them you would like the car to be fixed, if the cost to fix it is less than the value, and give them the difference back. You could also ask them to let buy the salvage back, and keep all that they already paid you. Most insurers give the policy holder the first option to buy the salvage. If you got lowballed on the total loss value, get the eBook at UClaim.com on Total Loss Auto.
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Answers by Expert:
Ron Cercone
Expertise
How to handle automobile total loss claims. I am the president of UClaim.com, which sells 29 different eBooks I have written on how to maximize various types of auto, home and business claims and how to get coverage on denied claims. You may view their tables of contents online. Also available are very specialized eBooks such as on EUO (Examination Under Oath) for example. Also available is an assortment of policy forms used by the most popular insurers. The eBooks have a money back guarantee and currently include personal consultation with Ron Cercone.
Experience
I have been adjusting insurance claims since 1980. 1980 to 1995 adjusting for many insurers (6 years as an independent adjuster with my own company). Currently working as a public adjuster in California, since 1995. I'm one of the few public adjusters who has handled automobile damage and total loss claims.
Organizations
CAPIA (California Association of Public Adjusters).
Education/Credentials
BA 1975 in History and Industrial Arts. Full CV at UClaim.com .
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