If my truck was stolen and then recovered, do I have to take the truck back or can I get the payout amount?

Question

The truck was stolen and the insurance company told me if it was not recovered within 22 days I would recieve the cash value payout. It was recovered the day I recieved the payout quote. Can I take the payout or do I have to take the truck back? It was found in relitively good condition.

Answer 1

If you read your policy, there will be a paragraph thats states that you do not have the right to force the insurance company to accept salvage - this is one example of that clause. You, as the policyholder, do not have the right to make this decision; it's up to the insurance company.

Now, if you want to sell the truck as soon as you receive it back, that's your call. But you are bound by the terms of your insurance policy, which gives the COMPANY the right of determining settlement method & refusal of salvage, not you.

The best you can do is ask, but I'm afraid they're going to do whatever benefits them the most.

Good luck.

Answer 2

Well you did not say if the quote was given at the end of 22 days or not. But if it is 21 days and they recover it then you will have to take the truck back. Now if you got the check and then the truck was given to you then you can probably go either way. But give the truck back, cuz if it is found you kept the truck then you will be charged with recieving stolen property or something like that, unless you return the check back. But if the find it on day 23 and you get the check which one is more beneficial to you.

Answer 3

Review the Ins companie's payout policy....if they recovered it
past the 22 days, I would keep the payout and get another truck.
Who knows what unseen damage these boneheads did when they had it. When taking the truck back the Ins company will have you sign a release of liability or a release for claims absolving them of future claims even if hidden from this ordeal.

Answer 4

Only your insurance company can tell you what they expect of you. Call them and ask. If you want the truck, try giving them back the check and see what they tell you. Chances are that if you haven't cashed it that they may reconsider.

What insurance company did you have? I find it strange they paid-out on a theft claim under 30 days.

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Answer 5

Unclear. Talk to your insurance agent. The agent will almost certainly want you to take the truck so they can keep the check.

Answer 6

If it was recovered in the time limit, you get the truck, and they do whatever repairs are needed.

Answer 7

you can take the pay out on it,i wouldn't want it back after it has been stolen,i has a trans am that got stolen,i made the mistake of letting them fix it back,bad move on my part of it,i like to never got rid of that thing,take the pay out on it,good luck i hope this help,s.

Answer 8

the same thing happend to my niece. if all possible don't take it back!!!!! She had nothing but trouble after with it I'm talking 1000s of $ worth of repairs and ins wouldn't help her with any!!!!