Buying back stolen car, insurance settled
Discussion
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.
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.
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.
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.
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.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.
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 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.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.
Edit to add,
That's not to say it won't be an open day one!
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.
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.
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.
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 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.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.
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?I know its irritating that you had already bought a replacement before the police recovered it, but unfortunately its just one of those things.
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.
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.
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.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.
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.
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?.
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