Auto Insurance Claims: stolen vehicle claim, insurance settlement, stolen vehicle

Question
Our stolen vehicle was rcovered by the police after the insurance settlement was received and bank loan paid out. Does the insurance co. now own the vehicle? Can we buy it back if it is in good condition? And would we have to buy it back at full price? How does this all work?

Answer
Ali,

If you already gave them the title, then its theirs, IMO. But check with a lawyer. You can also simply tell them you would like the car to be fixed, if the cost to fix it is less than the value, and give them the difference back. You could also ask them to let buy the salvage back, and keep all that they already paid you. Most insurers give the policy holder the first option to buy the salvage. If you got lowballed on the total loss value, get the eBook at UClaim.com on Total Loss Auto.