Stolen vette found after 40 years..

[NCC-1701]

Stolen Chevrolet Corvette returned to owner after 40 years | Fox News

[VITE1]

[Jeff '79]

Whoa !!! Nice car too.
Man that would be like getting a lost child back.
The original owners must be just thrilled...

[04 commemorative]

nice vette

[Kerrmudgeon]

Seems to me there would be a lot of legal questions as to who actually owns a vehicle like this. Assuming the insurance company paid off on the claim years ago it makes sense that THEY would become the legal owners of the missing car. And the poor sucker who last purchased to car would be the biggest loser of ALL of his investment. Just goes to show you that you should always do your due diligence when purchasing one of these cars. you never know???

[Shrike6]

As I understand it. The owner from whom the car was stolen gets it back, no question.
Insurance company may ask to be reimbursed for whatever coverage of the theft they provided, I believe. But ownership is that of the original owners.
There was a recent case where a car was stolen, and completely restored, at the cost of thousands of dollars. When discovered, it was returned to the original owner, better than new.

[Bill]

Originally Posted by Shrike6

As I understand it. The owner from whom the car was stolen gets it back, no question.
Insurance company may ask to be reimbursed for whatever coverage of the theft they provided, I believe. But ownership is that of the original owners.
There was a recent case where a car was stolen, and completely restored, at the cost of thousands of dollars. When discovered, it was returned to the original owner, better than new.

When you, the insured, experience a total loss, you in essence sell the destroyed or stolen vehicle to the insurance company. They pay you for your vehicle, including TT&L, and you give them the title and the salvage. In this case, the salvage has just been recovered, and the insurance company has the title. The car belongs to the insurance company, period.

I do remember reading about a case a few years back where the insurance company agreed to give the car to the insured, even though they had already paid for it, as a PR move.

Either way, sucks to be the guy who just found out his car was stolen.

[OddBall]

Originally Posted by bill_daniels

When you, the insured, experience a total loss, you in essence sell the destroyed or stolen vehicle to the insurance company. They pay you for your vehicle, including TT&L, and you give them the title and the salvage. In this case, the salvage has just been recovered, and the insurance company has the title. The car belongs to the insurance company, period.

I do remember reading about a case a few years back where the insurance company agreed to give the car to the insured, even though they had already paid for it, as a PR move.

Either way, sucks to be the guy who just found out his car was stolen.

[Kerrmudgeon]

I wonder if the insurance company gets reimbursed in today's dollars or 40 year ago dollars......big difference.

[Der Flieger]

Wow! Forty years!

[Bill]

Originally Posted by Kerrmudgeon

I wonder if the insurance company gets reimbursed in today's dollars or 40 year ago dollars......big difference.

The insurance company is the rightful owner of the car. It would be as if you sold me a car, then years later, the car is discovered. It isn't your car. It's my car. I bought it.

[Norm]

The story mentions no compensation from any insurance company or involvement, normally the auto would revert back to an insurance company, bank or finance company if a payoff was given, or normally whoever was holding the note on it, if any. Could have been paid off too, owner may not have had any insurance on it at the time of the theft.

A few unanswered questions.

[erickpl]

Maybe it wasn't insured back in 1976 and title at the time was free and clear in the original owner's name?

[Millenium Vette]

Or, the insurance company may not have records going back 40 years. It's so far in the past that they likely wouldn't be interested in pursuing any claim on the car. For that matter, the owner may not even remember who wrote the policy on the car. 40 years is a lifetime or two in the business world.