Recovered stolen goods, who owns it? - updated

[eviled]

had a watch stolen 6 months ago

Stupidly I was under insured but got paid out what I was insured for minus excess

Watch has subsequently been recovered and is currently evidence but the police are telling me they plan on handing it over to the insurance company.

Now the insurance definelty didn’t pay me what it was worth (down to me under insuring it) so do they have the right to it?

I kind of want it back as it’s sentimental but it’s not in the condition it left me - no box or papers and worn by a drug dealer for 6 months

Google shows up nothing similar, only fully settled claims

Anyone know where I stand???

 

[5punk3monk3y]

Insurance company owns it as they have paid you for it, however once they receive the watch you could then purchase it from them.

 

[Joeyuk]

Nah they own it. They paid out what you insured it for, yes you under insured it but that was your fault not theirs.

You could offer to return the money they paid out and you keep the watch but other then that I can’t see what other options you have.

 

[Adam]

had a watch stolen 6 months ago

Stupidly I was under insured but got paid out what I was insured for minus excess

Watch has subsequently been recovered and is currently evidence but the police are telling me they plan on handing it over to the insurance company.

Now the insurance definelty didn’t pay me what it was worth (down to me under insuring it) so do they have the right to it?

I kind of want it back as it’s sentimental but it’s not in the condition it left me - no box or papers and worn by a drug dealer for 6 months

Google shows up nothing similar, only fully settled claims

Anyone know where I stand???

If your car was stolen and the insurance paid out, would you expect to drive around in the car after it was recovered AND keep the money?

I can't understand how anyone could think that the items belong to anyone else but the insurance company. They will auction the watch to recoup the money they have paid out to you. The fact it was underinsured is your problem, they paid out what you told them it was worth.

 

[SpeedFreak]

If your car was stolen and the insurance paid out, would you expect to drive around in the car after it was recovered AND keep the money?

I can't understand how anyone could think that the items belong to anyone else but the insurance company. They will auction the watch to recoup the money they have paid out to you. The fact it was underinsured is your problem, they paid out what you told them it was worth.

Replace the word watch for cash and where does he stand?

 

[eviled]

would you expect to drive around in the car after it was recovered AND keep the money?

Good old GD
My watch has become a car and I’m trying to commit insurance fraud

What I actually want is to take possession of the watch to get the damage assessed and get it timed so I can decide whether I wasn’t to relinquish it to the insurance company or negotiate to buy it off them.

Worried if it goes to them I will have no chance for my own assessment and they will just pluck a figure out the air - “pay or we’ll auction”

 

[wedrum]

I want it all comes to mind

 

[hughtrimble]

You valued it, and they paid you for it.

Just because you misvalued it (and thus are likely to have been paying them less to insure it) does not mean you still own it despite them having paid out.

If it's sentimental then try and buy it back from them.

 

[SpeedFreak]

Good old GD
My watch has become a car and I’m trying to commit insurance fraud

What I actually want is to take possession of the watch to get the damage assessed and get it timed so I can decide whether I wasn’t to relinquish it to the insurance company or negotiate to buy it off them.

Worried if it goes to them I will have no chance for my own assessment and they will just pluck a figure out the air - “pay or we’ll auction”

Any more info you can share? What % of the value were you paid?

 

[CREATIVE!11]

I'm assuming if you pay them back they then just return the watch to you?

Like the theft never occured, I'm assuming the watch isn't damaged or anything so you just pay them and get it back.

 

[ninezerofive]

I don't think any insurance company would be interested in your own watch and would sell it for profit, with that being said. I think if you return the compensation received they should give you the watch back.

 

[hyperseven]

Good old GD
My watch has become a car and I’m trying to commit insurance fraud

What I actually want is to take possession of the watch to get the damage assessed and get it timed so I can decide whether I wasn’t to relinquish it to the insurance company or negotiate to buy it off them.

Worried if it goes to them I will have no chance for my own assessment and they will just pluck a figure out the air - “pay or we’ll auction”

lol, not a chance. It's not worth their time to do any of that, reopen a 6m closed file to see if you may/may not want an item back until you have had it appraised.

Cant be that sentimental or you would take it back no matter the condition and pay to have it restored

 

[Tek81]

I'm intrigued by what kind of watch it is.

 

[Jasoncmor]

I'm also intrigued, by how much this watch is worth.

 

[dowie]

Obvs they have paid out for it being mossed so by default it should go to them... but if OP wants it and returns he full compensation does he not still have a claim for some compensation for the damage etc... (I guess depending on the value of the watch - damage might be below excess)?

 

[Chris Wilson]

had a watch stolen 6 months ago

Stupidly I was under insured but got paid out what I was insured for minus excess

Watch has subsequently been recovered and is currently evidence but the police are telling me they plan on handing it over to the insurance company.

Now the insurance definelty didn’t pay me what it was worth (down to me under insuring it) so do they have the right to it?

I kind of want it back as it’s sentimental but it’s not in the condition it left me - no box or papers and worn by a drug dealer for 6 months

Google shows up nothing similar, only fully settled claims

Anyone know where I stand???

Forget it, it's no longer your watch. If you are mad keen on having it back on your wrist find out where the insurance company auction their stuff and successfully bid on it. Then fumigate it and leave it in bleach overnight.

 

[Lopéz]

The insurance company has settled with you, so now that the watch it's recovered it's theirs - they have paid you.
I used to work in claims handling for a bit and this sort of thing happens quite a lot.

 

[dowie]

The insurance company has settled with you, so now that the watch it's recovered it's theirs - they have paid you.
I used to work in claims handling for a bit and this sort of thing happens quite a lot.

How does he get it back if he wants it? What usually happens in these cases?

 

[mattyg]

Its worth dropping them an email saying you now know its been recovered. Telling them that although not in the condition it was in when stolen you'll like to know how much they would take for it as it still has some sentimental value.

Can't hurt to try

It'll save them paperwork and auction fees.

 

[Lopéz]

How does he get it back if he wants it? What usually happens in these cases?

Generally speaking, he doesn't. Insurers usually bang this stuff through auction in bulk.