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Recovered stolen goods, who owns it? - updated

Discussion in 'General Discussion' started by eviled, Jun 3, 2019.

  1. Vanquish-Storm

    Mobster

    Joined: Apr 22, 2009

    Posts: 2,922

    Location: North-West

    How do the police know it belongs to an insurance company?
     
  2. tom_e

    Man of Honour

    Joined: Dec 26, 2003

    Posts: 26,199

    Location: West mids

    Here's a wild idea, ask your insurance company?
     
  3. Hades

    Capodecina

    Joined: Oct 19, 2002

    Posts: 22,244

    Location: Surrey and London

    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.
     
  4. VincentHanna

    Capodecina

    Joined: Jul 30, 2013

    Posts: 17,728

    I assume at some point in the process there is a crime reference number and the insurance company are informed of the stolen goods, to prevent fraud.
     
  5. Grazze53317

    Associate

    Joined: Jun 26, 2015

    Posts: 35

    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.
     
  6. eviled

    Gangster

    Joined: Sep 25, 2016

    Posts: 462

    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.
     
  7. Diddums

    Capodecina

    Joined: Oct 24, 2012

    Posts: 17,850

    Location: London

    Me. I own it. Ps you wanna buy some Mary Jane?
     
  8. Haze

    Mobster

    Joined: Jan 10, 2007

    Posts: 2,688

    Don't be stupid when he can ask random strangers on the Internet....
     
  9. labcoattech

    Hitman

    Joined: Dec 1, 2010

    Posts: 759

    Location: England

    It will be down to the insurance company what happens next...
     
  10. Vanquish-Storm

    Mobster

    Joined: Apr 22, 2009

    Posts: 2,922

    Location: North-West

    Duh yeah, I couldn't get my head around it until you had said that. It was on a police shoe a few months back too.
     
  11. Semple

    Soldato

    Joined: Mar 5, 2010

    Posts: 5,183

    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.
     
  12. BadMojo

    Wise Guy

    Joined: Nov 7, 2012

    Posts: 1,193

    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.
     
    Last edited: Jun 4, 2019
  13. Pawnless Endgame

    Capodecina

    Joined: May 10, 2004

    Posts: 10,335

    Location: Sunny Stafford

    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.
     
  14. eviled

    Gangster

    Joined: Sep 25, 2016

    Posts: 462

    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

     
  15. Dyson

    Mobster

    Joined: Jan 18, 2007

    Posts: 4,185

    Location: Dorset

    Thanks for the update, I likewise hate never knowing an outcome.
     
  16. VincentHanna

    Capodecina

    Joined: Jul 30, 2013

    Posts: 17,728

    Criminals don't look after things they didn't have to work hard for, who knew?
     
  17. bigmike20vt

    Wise Guy

    Joined: May 23, 2006

    Posts: 1,441

    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 ;)
     
  18. tek81

    Wise Guy

    Joined: Jul 1, 2015

    Posts: 2,036

    Location: UK


    Damn, looks like they've done a right job on the crown:(
     
  19. eviled

    Gangster

    Joined: Sep 25, 2016

    Posts: 462

    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!
     
  20. BongoHunter

    Wise Guy

    Joined: Apr 14, 2014

    Posts: 1,315

    Good luck with it dude, will be interesting to hear what it will cost to restore that.

    Congrats on getting it back!