If my auto insurer paid off my stolen car but then the cops found my car, do I need to return the money?

Get Legal Help Today

secured lock Secured with SHA-256 Encryption

If my auto insurer paid off my stolen car but then the cops found my car, do I need to return the money?

Asked on January 9, 2012 under Insurance Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If your insurance carrier paid off a claim by you for the theft of the car that you had by paying you a settlement check for its fair market value and the car is subsequently recovered by the police after payment, you do not have to return the settlement proceeds paid by your insurance carrier.

Rather, your insurance carrier now owns the recovered vehicle. If you want the vehicle back, you can negotiate with your insurance carrier to purchase title to the vehicle of your former car (at a significant discount from the settlement proceeds) if you desire assuming the recovered car by the police has some value to you.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption