Recovered stolen goods, who owns it? - updated

I'd definitely call the insurance company before the police return it. Ask whether you can buy it back. Once the insurance company gets it back then I think it would be much harder. They may be more willing to settle if they can just instruct the police to release the watch to you for an agreed amount, rather than having to handle the collection and sale of it.
 
I had a bike stolen that was worth 2K, only insured to 1K. Got the money, police found the bike, haggle with insurance company and paid them the princely sum of £250 for it. ;)

Don't ask don't get.
 
I had already spoken to the insurance company and been told multiple different things - basically all the scenarios offered above.

Spoken the multiple different people today and finally have a definitive answer.

Not one person owns the watch as it was not payed out in full, both me and the insurer instead have claims to the watch.

The watch will be released to me and I will either reject it and pass it to the insurer or enter a claims adjustment negotiation.

The watch is 2012 Rolex that’s actually increased in value throughout my ownership and I foolishly undervalued in the first place.
 
eviled said:
I had already spoken to the insurance company and been told multiple different things - basically all the scenarios offered above.

Spoken the multiple different people today and finally have a definitive answer.

Not one person owns the watch as it was not payed out in full, both me and the insurer instead have claims to the watch.

The watch will be released to me and I will either reject it and pass it to the insurer or enter a claims adjustment negotiation.

The watch is 2012 Rolex that’s actually increased in value throughout my ownership and I foolishly undervalued in the first place.
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Sounds like you're in actually quite a favourable position. At least with regards to determining whether cost of repair is viable before pursuing reclaiming it or abandoning it.

It'd be interesting to hear how the claims adjustment negotiation goes on if you do plan to repair it. Presumably its value is worth rather little whilst broken, could the insurance company request 100% reimbursement of claim + admin costs + interest costs to drop their claim of ownership considering that when fixed, plus likelihood of increased value, it would be worth significantly more than the cost at the point it was stolen.
 
Grazze53317 said:
I had a bike stolen that was worth 2K, only insured to 1K. Got the money, police found the bike, haggle with insurance company and paid them the princely sum of £250 for it. ;)

Don't ask don't get.
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Does your insurance policy have a 'condition of average' clause? If you're under insured isn't the payout usually reduced pro rata? So in your scenario if an item valued at £2000 is only insured for £1000 it's 50% under insured so the payout is only £500? Surely this would complicate matters should an item be recovered?

Not an accusation, sincerely interested as being under insured and having several high value pedal bikes and a watch (amongst other things) is a worry to me.
 
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I think the most realistic outcome is that you can get the watch back if you surrender your pay-out, but don't expect to get your excess back as the excess was part of your insurance policy.
 
hate threads without an update.

watch is back in my possession and it pretty battered, this was in extremely good condition when it was stolen with on some very light wear

 
dowie said:
How does he get it back if he wants it? What usually happens in these cases?
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I can only comment on my car.
but i have to say the process was painless (that part of it... the rest was a mess)
My car was written off, i got paid £3000 for it...... which book price wise was about right but it was almost immaculate and a fairly rare car.

I just phoned the insurance and said I would like to buy it back please, to which they sold it to me for £600. no messing around, they were happy to get rid, it saved them having to sell/scrap/auction it and i had a far better than average condition fait coupe 20vt which just needed a new front bumper/bonnet.

win win all round.

I hope you have a similar experience. good luck

edit i should have read whole thread before kicking in my 2p ;)
 
eviled said:
hate threads without an update.

watch is back in my possession and it pretty battered, this was in extremely good condition when it was stolen with on some very light wear

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Damn, looks like they've done a right job on the crown:(
 
Yep, now it’s off to the insurer’s jewellers who will value it and offer me to buy it back at that price.

I’ve got to figure out how much it might cost to fix and decide if it’s worth it!
 
eviled said:
Yep, now it’s off to the insurer’s jewellers who will value it and offer me to buy it back at that price.

I’ve got to figure out how much it might cost to fix and decide if it’s worth it!
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Good luck with it dude, will be interesting to hear what it will cost to restore that.

Congrats on getting it back!
 
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