Any insurance guys here? Insurance question

[fuzz77]

What happens if an insured item is stolen, the claim is paid and then months later the police recover the stolen property?
Have a friend who had a $8,000 bicycle stolen in July, it had just been purchased in February. Around September their insurance paid the claim and he replaced the bike. This week he gets a call from the Orlando, FL police...they had recovered the bike. Someone saw it in a pawn shop and knew the deal was too good to be true. Had the foresight to call the police and have them run the serial #...it was the stolen bike. He picked the bike up today.

Will his insurance company now want to come back on him and recover their paid claim?
Just curious.

 

[funKYcat75]

Insurance fraud is a very serious crime, son.

 

[cawoodsct]

 

[funKYcat75]

"Friend"

 

[bluelifer]

$8,000 bicycle

 

[JohnBlue]

Not that I know but I would think the bike is the property of the insurance company since they bought from him by paying the claim. I bet if he calls them they can explain it really good.

 

[Get Buckets]

What happens if an insured item is stolen, the claim is paid and then months later the police recover the stolen property?
Have a friend who had a $8,000 bicycle stolen in July, it had just been purchased in February. Around September their insurance paid the claim and he replaced the bike. This week he gets a call from the Orlando, FL police...they had recovered the bike. Someone saw it in a pawn shop and knew the deal was too good to be true. Had the foresight to call the police and have them run the serial #...it was the stolen bike. He picked the bike up today.

Will his insurance company now want to come back on him and recover their paid claim?
Just curious.

Yes you still owe Brady for that bet, RQ.

 

[fuzz77]

Yeah, one of these

 

[funKYcat75]

Yeah, one of these

 

[RacerX.ksr]

I thought I knew the answer, I went to google and confirmed it.

 

[bluelifer]

What a piece of **** excuse for a bicycle.

 

[wildcatsboston1984_rivals]

$8K for a bike? Your friend is a god damned moron.

 

[UKserialkiller]

What happens if an insured item is stolen, the claim is paid and then months later the police recover the stolen property?
Have a friend who had a $8,000 bicycle stolen in July, it had just been purchased in February. Around September their insurance paid the claim and he replaced the bike. This week he gets a call from the Orlando, FL police...they had recovered the bike. Someone saw it in a pawn shop and knew the deal was too good to be true. Had the foresight to call the police and have them run the serial #...it was the stolen bike. He picked the bike up today.

Will his insurance company now want to come back on him and recover their paid claim?
Just curious.

$8k bicycle? Wow that's stupid

 

[UKserialkiller]

$8K for a bike? Your friend is a god damned moron.

You beat me to it.

 

[fuzz77]

$8k bicycle? Wow that's stupid

When you are worth most of $100 million, dropping $8K on a bike ain't breaking the bank. It's one day's interest on your money. Stupid is spending money you don't have.
If you like to drive fine German or Italian sports cars it's going to cost you more than driving a Chevy. In the bike world an $8K bike is equivalent to maybe a Corvette or a mid-line Porsche..expensive but far from top of the line.

 

[funKYcat75]

Someone worth $100 million isn't contacting the insurance company about a bike.

 

[fuzz77]

Someone worth $100 million isn't contacting the insurance company about a bike.

And you know this because you're and expert on what wealthy people do.

 

[wildcatsboston1984_rivals]

Someone worth $100 million isn't contacting the insurance company about a bike.

And if they have to get a friend to consult a message board for legal advice, he is an even bigger moron than I thought he was. I'm calling BS on this $100 million thing. The OP is asking for himself and hiding behind a fake friend.

 

[JohnBlue]

First a 8k bike, now he's a millionaire a hundred times over and relys on his buddy to ask a message board how illegal it be to defraud an insurance company. Clearly he needs the money and worth risking jail time.

 

[jtrue28]

opcorn:

 

[fuzz77]

First a 8k bike, now he's a millionaire a hundred times over and relys on his buddy to ask a message board how illegal it be to defraud an insurance company. Clearly he needs the money and worth risking jail time.

Where did I ever say that he asked me to check a message board about anything? He posted his story on Facebook so I really, really doubt that he's considering committing any kind of insurance fraud. His wife is a lawyer so I really don't think he would need to consult me for advice on such matters. Your assumptions make a real *** out of you. Perhaps you should learn not to assume.

 

[funKYcat75]

Copy and paste his post.

 

[_nelson3]

Someone worth $100 million isn't friends with rqarnold.

 

[Supreme Lord Z]

When you are worth most of $100 million, dropping $8K on a bike ain't breaking the bank. It's one day's interest on your money. Stupid is spending money you don't have.
If you like to drive fine German or Italian sports cars it's going to cost you more than driving a Chevy. In the bike world an $8K bike is equivalent to maybe a Corvette or a mid-line Porsche..expensive but far from top of the line.

So in summary, you stole your friends bike.

 

[RacerX.ksr]

And you know this because you're and expert on what wealthy people do.

I knew this was some kind of humble brag as soon as I read it.

When you are worth most of $100 million, dropping $8K on a bike ain't breaking the bank. It's one day's interest on your money. Stupid is spending money you don't have.
.

This proved it.

Smart guy though, worth 100 million and still has his wife working. Good job.

 

[argubs2]

THERE ARE NO PEDALS ON THAT $8,000 BIKE

 

[fuzz77]

THERE ARE NO PEDALS ON THAT $8,000 BIKE

That's right. Pedals are extra.

 

[Supreme Lord Z]

What the hell does an 8 thousand dollar bike do, anyway? I mean hell, even if you spring for leather seats it's only about a yard of material? Where does the money go? Special massage function that nestles your balls while you pedal like a newly hatched chick in a warm pocket of moistened delight or what?

 

[argubs2]

WHY

 

[funKYcat75]

Coincidence that a certain other poster has been here, but not posted today?

I think not.

 

[Supreme Lord Z]

I bet you peddle with your *** somehow like in that South Park episode.

 

[JohnBlue]

Where did I ever say that he asked me to check a message board about anything? He posted his story on Facebook so I really, really doubt that he's considering committing any kind of insurance fraud. His wife is a lawyer so I really don't think he would need to consult me for advice on such matters. Your assumptions make a real *** out of you. Perhaps you should learn not to assume.

...and I didn't think this could get any better, now his wife is a lawyer. With all that money she has to work? I guess the next thing you're going to tell is that your friend is Barack Obama.

 

[BlueKel_rivals210266]

Well, ignoring all the crazy stuff and getting back to the original question. Here is what should happen.

Insurance company pays you for the cost of the item. We will say they give you the $8,000 replacement cost. Two months go by, and it is recovered. Technically, the item belongs to the insurance company at this point. They should determine the salvage value of the item - how much they could sell it for, and offer it to you first at that price. So, say it goes for $5,000 used, they'll offer it to you at that price. In this case you profit.

This happens often with cars after a hailstorm. We bought my son a used car for $5,000. Got a ton of hail damage from a storm. It was officially a total loss, but still very driveable. So they paid us the value of the car (which was over $5,000), and we "bought" it back from them for the amount they determined they would have gotten fro salvage. So, he is driving his hail damaged car now, and has a check in the bank for $4,500 towards his next car. Good deal.

 

[argubs2]

How exactly do you expect him to get any play from the ladies driving around in a dimpled up beater like that?

You're setting him up for failure.

 

[Supreme Lord Z]

How much was the deductible?

 

[fuzz77]

What the hell does an 8 thousand dollar bike do, anyway? I mean hell, even if you spring for leather seats it's only about a yard of material? Where does the money go? Special massage function that nestles your balls while you pedal like a newly hatched chick in a warm pocket of moistened delight or what?

What does a Corvette do that Miata doesn't do? Or a $100 bottle of wine vs a $10 bottle?

You're buying technology for the most part. Extreme light weight high tech carbon fiber, cutting edge aerodynamics and top of the line components. If you want to buy that frame alone...no wheels, no seat, no gears...nothing but the frame it will cost you $7K. A good set of race wheels can easily cost $3K. Top line components (gears/brakes/shifters) are $3K, power meter, ... Just like if you built a car from scratch it will cost much more than buying it assembled but it's not cheap either way.

 

[Get Buckets]

What does a Corvette do that Miata doesn't do? Or a $100 bottle of wine vs a $10 bottle?

You're buying technology for the most part. Extreme light weight high tech carbon fiber, cutting edge aerodynamics and top of the line components. If you want to buy that frame alone...no wheels, no seat, no gears...nothing but the frame it will cost you $7K. A good set of race wheels can easily cost $3K. Top line components (gears/brakes/shifters) are $3K, power meter, ... Just like if you built a car from scratch it will cost much more than buying it assembled but it's not cheap either way.

You know a lot about your friend's bike.

 

[RacerX.ksr]

Makes sense if you buy a bike to ride for exercise that you would want it to be as easy to ride as possible. Right? You don't want wind resistance to impede your workout. Do you? DO YOU?

 

[fuzz77]

Makes sense if you buy a bike to ride for exercise that you would want it to be as easy to ride as possible. Right? You don't want wind resistance to impede your workout. Do you? DO YOU?

Actually if you participate in triathlons, and/or bicycle racing then you do want minimize all the aerodynamic drag and weight as possible.

 

[RacerX.ksr]

[laughing]