My vehicle was stolen and i live in socal so more than likley its in mexico, if by some miricle they do recover it. do i have to take it back?
Total Comments: 20
Posted: Mon Dec 22, 2008 08:18 am Post Subject:
If it's repairable (cost to repair is 80% of less then it's value) then the insurance company will return it and pay for the repairs. If you have no lien on the vehicle, you can take the money and junk the vehicle.
Posted: Mon Dec 22, 2008 10:39 am Post Subject:
It may well depend upon the damage caused to the car. if the car hasn't got recovered the insurer will consider it as a total loss and will pay the claim accordingly. And in exchange will demand the ownership of the vehicle from you .
Now, if the car gets recovered before the claim settlement and has sustained very little damages, the insurer may wish to repair it and return it to you.
~Jeremy
Posted: Mon Dec 22, 2008 10:52 am Post Subject:
There is another thing to it, if the car gets recovered after the claim is paid and you wish to get it back, you'll then be required to return the claim check to the insurance company.
Its quite obvious for people being apprehensive towards recovered vehicles but if it has sustained only minor damages, it'll be just as good after the repair wroks. However, if the car at all surface, you can express the desire not to take the car back to the insurance company. The decision though may depend entirely on them since you can't actually pursue the carrier to declare the car totaled.
Posted: Mon Dec 22, 2008 11:19 am Post Subject:
As most have said, it comes down to economics, if it's cheaper to repair and return to you (if recovered) that is what they will do, if it's cheaper to total that is what will happen...each state has a thresold, at Tcope said 80% some states are higher some are lower . How long has it been gone?
Posted: Mon Dec 22, 2008 04:59 pm Post Subject: insurance
I'm ORIGINALLY from Southern California, myself. YEP..........there is a MAJOR problem with vehicles being stolen/sriped and taken over the border. On THAT 'note', I can verify ORION's story. Not TOO long ago, my cousin's carcwas stoeln. The car was 'seen' in Mexico. ..nothing left of it!!
Posted: Tue Dec 23, 2008 01:01 am Post Subject:
So am I understanding this right...if the cars value is already paid to the insured and a few weeks down the line the vehicle is recovered they do not have to take the vehicle back and repay the money? I would not want it back myself..who knows what they put the engine through in the time they were driving it.
Posted: Tue Dec 23, 2008 10:40 am Post Subject: insurance
I DO see your point, FIREYONE. I wouldn't want to take a chance driving it, either. God knows what kind of 'hidden' damage it may have. You may have to spend MORE money to 'fix' it and make it driveable again..ya know.
Posted: Tue Dec 23, 2008 12:05 pm Post Subject:
Well its just the point that when its not your own and you steal it then its probaly going to be drove really rough..Whats that old saying? "Drive it like you stole it". I imagine it would put some wear and tear on the engine.
Posted: Tue Dec 23, 2008 12:29 pm Post Subject:
if the cars value is already paid to the insured and a few weeks down the line the vehicle is recovered they do not have to take the vehicle back and repay the money?
No if the claim has ALREADY been paid THEN the vehicle is recovered, the insured has the CHOICE to have it back repaired or not.
Posted: Wed Dec 24, 2008 03:29 am Post Subject: insurace
LORI<<<<<<..........ok, here's a 'ggod' one for ya. If the claim was ALREADY paid and THEN the vehicle was found, if the insured DID want it repaired, does the repair bill come out of HIS own pocket..or..does the insurance company pay for it? The money ALREADY given to the insured,...is THAT the money for 'repair damamges' for the car? I hope you 'get' my question.
Posted: Mon Dec 22, 2008 08:18 am Post Subject:
If it's repairable (cost to repair is 80% of less then it's value) then the insurance company will return it and pay for the repairs. If you have no lien on the vehicle, you can take the money and junk the vehicle.
Posted: Mon Dec 22, 2008 10:39 am Post Subject:
It may well depend upon the damage caused to the car. if the car hasn't got recovered the insurer will consider it as a total loss and will pay the claim accordingly. And in exchange will demand the ownership of the vehicle from you .
Now, if the car gets recovered before the claim settlement and has sustained very little damages, the insurer may wish to repair it and return it to you.
~Jeremy
Posted: Mon Dec 22, 2008 10:52 am Post Subject:
There is another thing to it, if the car gets recovered after the claim is paid and you wish to get it back, you'll then be required to return the claim check to the insurance company.
Its quite obvious for people being apprehensive towards recovered vehicles but if it has sustained only minor damages, it'll be just as good after the repair wroks. However, if the car at all surface, you can express the desire not to take the car back to the insurance company. The decision though may depend entirely on them since you can't actually pursue the carrier to declare the car totaled.
Posted: Mon Dec 22, 2008 11:19 am Post Subject:
As most have said, it comes down to economics, if it's cheaper to repair and return to you (if recovered) that is what they will do, if it's cheaper to total that is what will happen...each state has a thresold, at Tcope said 80% some states are higher some are lower . How long has it been gone?
Posted: Mon Dec 22, 2008 04:59 pm Post Subject: insurance
I'm ORIGINALLY from Southern California, myself. YEP..........there is a MAJOR problem with vehicles being stolen/sriped and taken over the border. On THAT 'note', I can verify ORION's story. Not TOO long ago, my cousin's carcwas stoeln. The car was 'seen' in Mexico. ..nothing left of it!!
Posted: Tue Dec 23, 2008 01:01 am Post Subject:
So am I understanding this right...if the cars value is already paid to the insured and a few weeks down the line the vehicle is recovered they do not have to take the vehicle back and repay the money? I would not want it back myself..who knows what they put the engine through in the time they were driving it.
Posted: Tue Dec 23, 2008 10:40 am Post Subject: insurance
I DO see your point, FIREYONE. I wouldn't want to take a chance driving it, either. God knows what kind of 'hidden' damage it may have. You may have to spend MORE money to 'fix' it and make it driveable again..ya know.
Posted: Tue Dec 23, 2008 12:05 pm Post Subject:
Well its just the point that when its not your own and you steal it then its probaly going to be drove really rough..Whats that old saying? "Drive it like you stole it". I imagine it would put some wear and tear on the engine.
Posted: Tue Dec 23, 2008 12:29 pm Post Subject:
if the cars value is already paid to the insured and a few weeks down the line the vehicle is recovered they do not have to take the vehicle back and repay the money?
No if the claim has ALREADY been paid THEN the vehicle is recovered, the insured has the CHOICE to have it back repaired or not.Posted: Wed Dec 24, 2008 03:29 am Post Subject: insurace
LORI<<<<<<..........ok, here's a 'ggod' one for ya. If the claim was ALREADY paid and THEN the vehicle was found, if the insured DID want it repaired, does the repair bill come out of HIS own pocket..or..does the insurance company pay for it? The money ALREADY given to the insured,...is THAT the money for 'repair damamges' for the car? I hope you 'get' my question.
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