My car was stolen and recovered do I have to take it back? You can take back your stolen but recovered car if your insurance company is yet to pay out the comprehensive insurance claim.
If your insurance already paid out the claim for your stolen car, they now legally own the vehicle and can decide what they want to do with it. Note that you sign over your stolen vehicle ownership when you accept your insurer’s claim for it. Thus, you have no legal right to the car once it is recovered by the police.
However, if you did not file a claim after your stolen car was recovered, perhaps, due to neglecting to file the claim or you do not have comprehensive insurance, you can legally take it back.
What happens if you abandon your recovered stolen car?
After the police recover your stolen vehicle, you could abandon or refuse to take it back. Refusing to take back your recovered stolen car may cost you a lot of money.
If you abandon the stolen car in an impound lot, you have to pay for the storage as fast as you can because your insurance company is not responsible for it. The insurer would be responsible if you filed a stolen car claim.
Your abandoned recovered car will rack fees in the impound lot, and will eventually be sold for scrap or sent to auction. If the auction amount does not cover the cost of towing and storage, you are still liable for the remaining balance because the car is still registered in your name.
Read also: Signs of a falsified title certificate
Ensure to recover it from the impound as soon as you are notified by the police to avoid towing costs, fines, and impound-lot fees from piling up.
My car was stolen and recovered do i have to take it back?
In many scenarios, what you do with a stolen but recovered car plays out differently. If the car has been recovered in good condition, you simply follow the recovery process by the police and put it back on the road. You will also inform your insurance company that your stolen car has now been recovered.
If your recovered stolen car was towed away to a lot, you must pay the tow and storage fees to recover it from the impound lot. Even if you do not want the recovered car anymore, you are still responsible for the charges. In some cases, the tow company may include a disposal fee if they decide to take the vehicle off your hands.
Can I buy back my stolen car?
You can buy back your stolen but recovered car even if you filed a claim and received a payout from the insurance company. When the stolen car is recovered, you will be notified, and if it has no damage and is in good condition, you might want it back.
First, call your insurance company to know how you can buy back the car. They may refuse a direct purchase since the car is now their property, so they decide how to handle it.
The insurer can help you track what will be done to the car. Typically, it is to be auctioned off. Find out where and the date when the vehicle will be put up for auction. Arrive at the auction ground and bid on it. If you win the bid, the car is yours.