Buying back stolen car, insurance settled

Buying back stolen car, insurance settled

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Discussion

eatontrifles

Original Poster:

1,441 posts

212 months

Friday 15th December 2017
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My wife's car was stolen around 6 weeks ago in a burglary to our home, where the keys were taken. Insurance paid out three weeks later and we bought a replacement but this week the Police have found the car and recovered it. Due to circumstances and the location it was found, we know it hasn't been thrashed or abused and has just been parked up for 6 weeks so we're considering buying it back from the insurance company.

Is this normal, or even possible? What are the future implications?
We're thinking that if it was cheap enough to sell it on ourselves would help to recoup some of the losses or as we know that it hasn't been abused and we know the history, sell it to my parents at cost - my mum would keep it forever so any Cat D/X or whatever markings won't bother them for future resale value.

paintman

7,111 posts

168 months

Friday 15th December 2017
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I'd suggest you get onto the insurance company sharpish & ask them.

eatontrifles

Original Poster:

1,441 posts

212 months

Friday 15th December 2017
quotequote all
We are (well, my wife is as it's her car and claim), but was just after any sage advice/experience/thoughts. Or even an indication as to what might be an acceptable % of retail value to buy it back.

carreauchompeur

17,288 posts

182 months

Friday 15th December 2017
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Probably just below average auction price, I imagine they'd just punt it straight on.

elanfan

5,116 posts

205 months

Friday 15th December 2017
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I'd be surprised if the insurers would let you buy it back as the claim has been settled.

The insurers will have contracts with salvage companies where they get fixed prices on pre agreed vehicles from write off to stolen recovered. Insurer is unlikely to be able to pick and choose what they want to sell themselves as it would mean the salvage company would only get the dross otherwise.

Your best bet might be to find out who the salvage dealers are.

ZOLLAR

19,908 posts

151 months

Friday 15th December 2017
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elanfan said:
I'd be surprised if the insurers would let you buy it back as the claim has been settled.

The insurers will have contracts with salvage companies where they get fixed prices on pre agreed vehicles from write off to stolen recovered. Insurer is unlikely to be able to pick and choose what they want to sell themselves as it would mean the salvage company would only get the dross otherwise.

Your best bet might be to find out who the salvage dealers are.
This mostly but it's not impossible, as has been said the only way you will know is to speak to the Insurance company and see what they say.

Dogwatch

5,884 posts

200 months

Friday 15th December 2017
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It is going to have to be marketed as stolen/recovered by someone which isn't attractive to most potential buyers, so if the OP has "inside knowledge" it would still be worth chasing down.

eatontrifles

Original Poster:

1,441 posts

212 months

Friday 15th December 2017
quotequote all
My wife spoke to her insurance company today and they will not entertain a buy back after the claim has been settled. They have however given the details of the route it will take back into market (auction, unsurprisingly) so we'll just have to keep an eye on that. It's an unfortunate situation as while in normal circumstances we would have just let it go, we do know that it is s good car and it will still be fine due to the way it was recovered and would have given the insurance company the guide auction price for it straight up, but they aren't interested.

Cooperman

4,428 posts

228 months

Saturday 16th December 2017
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Have a day out at the auction and bid up to what you think it is worth to you.
Auctions are always good fun, even if you don't actually buy anything, just make sure you set your limit and don't bid over it.

ZOLLAR

19,908 posts

151 months

Saturday 16th December 2017
quotequote all
Cooperman said:
Have a day out at the auction and bid up to what you think it is worth to you.
Auctions are always good fun, even if you don't actually buy anything, just make sure you set your limit and don't bid over it.
It'll be online typically, probably with Copart or HBC if it's insurance.

Edit to add,
That's not to say it won't be an open day one!

eatontrifles

Original Poster:

1,441 posts

212 months

Saturday 16th December 2017
quotequote all
It's Copart. Are joe public allowed to buy from them?
I've registered on the website and apparently need to pay a £50 fee but I'm not going to do that if I can't actually buy. I can view the current list of stock and sale dates, but unable to create a search with email notifications as there are no cars of the same make/model currently listed.

eatontrifles

Original Poster:

1,441 posts

212 months

Monday 8th January 2018
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Does anyone here have any insight into values of stolen & recovered vehicles? Trying to gauge roughly how much this vehicle might sell for if the forecourt price is around £15k.

Is anyone registered to buy from Copart that would like to bid on the vehicle for us - PM me if so. I could register and bid myself but need to pay the £50 charge initially.

sonnenschein3000

667 posts

68 months

Monday 8th January 2018
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OP if you don't mind me asking, why would you want to buy that particular car back if you've already bought a replacement? Was it a special/rare-spec vehicle?

eatontrifles

Original Poster:

1,441 posts

212 months

Monday 8th January 2018
quotequote all
sonnenschein3000 said:
OP if you don't mind me asking, why would you want to buy that particular car back if you've already bought a replacement? Was it a special/rare-spec vehicle?
No, nothing special. In short, hoping for a bargain to be bought by a family member as we know where it went (or rather didn't) and the history after it was stolen.

sonnenschein3000

667 posts

68 months

Monday 8th January 2018
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eatontrifles said:
No, nothing special. In short, hoping for a bargain to be bought by a family member as we know where it went (or rather didn't) and the history after it was stolen.
Its probably more hassle than its worth IMHO, especially if you've already bought a replacement.

I know its irritating that you had already bought a replacement before the police recovered it, but unfortunately its just one of those things.

eatontrifles

Original Poster:

1,441 posts

212 months

Monday 8th January 2018
quotequote all
sonnenschein3000 said:
Its probably more hassle than its worth IMHO, especially if you've already bought a replacement.

I know its irritating that you had already bought a replacement before the police recovered it, but unfortunately its just one of those things.
What makes it a hassle?

sonnenschein3000

667 posts

68 months

Monday 8th January 2018
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eatontrifles said:
What makes it a hassle?
Well it sounds like its more effort trying to buy this particular one than going and buying a similar one which may be available more locally, and maybe even possibly at better value overall (if it comes with warranty, etc)

eatontrifles

Original Poster:

1,441 posts

212 months

Monday 8th January 2018
quotequote all
I'm working on the presumption that the cost of buying a car categorised as stolen/recovered through Copart is going to be far less than buying one from a forecourt, or even a private seller which is why I was curious about the value. Can you assist with that? Do you buy vehicles through Copart?

The car is still under manufacturers warranty so that isn't a worry. As I mentioned earlier we know exactly what has happened to the car and where it went after it was stolen (we've also seen it and it is not damaged) and as a result we would have no problems buying it back.

ZOLLAR

19,908 posts

151 months

Monday 8th January 2018
quotequote all
eatontrifles said:
I'm working on the presumption that the cost of buying a car categorised as stolen/recovered through Copart is going to be far less than buying one from a forecourt, or even a private seller which is why I was curious about the value. Can you assist with that? Do you buy vehicles through Copart?

The car is still under manufacturers warranty so that isn't a worry. As I mentioned earlier we know exactly what has happened to the car and where it went after it was stolen (we've also seen it and it is not damaged) and as a result we would have no problems buying it back.
It'll being going via auction so it'll sell for what ever it sells for.
You'll be competing with various traders as they'll know what to look for and stolen recovered with no damage tends to sell quite quickly.

Stolen and recovered markers typically won't show on gold car, HPI checks (although they may change that in the future) the only place it'll be recorded is MIAFTR and dealers and general public won't have access to this.

If you know there's no issues with the car then you have the confidence to slightly outbid any traders etc bidding on it.

I believe you will need to sign up to copart to bid etc.

So

22,805 posts

200 months

Monday 8th January 2018
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ZOLLAR said:
Stolen and recovered markers typically won't show on gold car, HPI checks (although they may change that in the future) the only place it'll be recorded is MIAFTR and dealers and general public won't have access to this.
.
Stolen / recovered usually shows on car checks doesn't it?