My car has been stolen about 7 days ago and still has yet been recovered. My
insurance company wants to wait 30 days before paying out. I want to know if
I can keep my title even though the car has not been recovered?

It took me 5 months to find my GC8 coupe and I had to go to the East Coast
from CA to buy my GC. At least when the car does get recovered I will already
have the car paid off and can put a STI motor in

"kiriko" <u30656@uwe> wrote


Sure. Don't accept the insurance payment. What do you think they are
paying for? Just like when they total your car, they are buying your
car so it is then their property. If they pay you for the stolen car,
it is their property if found. You have the title now. If you don't
accept their payment for purchase of the vehicle, you still keep the
title. You want them to pay and you get to keep the car? When
totalled, you can choose to keep the car but they will deduct the
salvage value (i.e., they then pay only for the loss in current value of
the car). For a stolen car, they are paying the value of your car and
there is nothing for you to keep. What, are you going to give them back
their payment should the car ever show up? I really doubt they are
setup to pay up front for a car that they won't get to keep if found.

kiriko wrote:
Hi,

From my experience (personal vehicle stolen, co-workers' cars stolen),
I'd suggest you take the money, sign over the title and go find another
car.

After a week I doubt you could recognize what's left of your car if they
parked it right on your driveway!

Rick

kiriko wrote:

I don't how this might work out, since my car was recovered
the day after it was stolen and declared a total loss after
way too much stuff got stripped. My insurance adjuster told
me that they probably couldn't get in back for the price the
car was worth. They also said that the payout was probably
more than I could have sold the car.

I think you have to wait until it gets recovered or the
insurance company declares it not recovered.

kiriko wrote:
Excuse me for asking a potentially insulting
question, but what would stop the insurance
company from thinking that you stashed the car
in a friend's garage and faked the police report?

I'd not go there if I were you...

Jim Stewart wrote:

You know - I'm not even sure exactly what the original
question is. If it's not recovered before the insurance
company decides to declare it a total loss, then you
have to turn over the title as part of the settlement,
unless you negotiate something else. Assuming the
settlement is accepted and it is recovered after that
point, it belongs to the insurance company.

There's no way the insurance company is going to pay
out for an unrecovered car unless the title is turned
over.

It might be legal for you to buy your car back at
a salvage auction. I'd be wary that the insurance
company doesn't think it's a scam to get their payout
while getting the car back at a reduced price.

Hi Rick,
Sorry to butt in here, I was reading your post about loss of power in
your Legacy from 2005.
I am having the same problem in my 94. If you were able to get that
resolved, could you e-mail your findings to me at
phillips.brian (AT) gmail (DOT) com.
Again, sorry to butt in in the middle of this post but I'm pretty
desperate.\
Thanks



Rick Courtright wrote:

The reason why I want to keep the salvage is because in Washington State,
buying or even finding a good clean RS25 coupe is hard. I had to go to the
east coast to buy mine (not really was there for work and found one at a very
cheap price).

Anyways I put way too much money into it already and if the car does get
recovered I don't mind having just a shell.

Also I didn't get to transfer the title into my name yet. So I don't know if
they will pay me or my lein holder or the original title holder.

--
Message posted via CarKB.com
http://www.carkb.com/Uwe/Forums.aspx/subaru/200701/1

I am pretty sure the lien holder gets paid first as they usually hold the
title. Normally the lien holder is listed on the insurance policy. They own
the car until they are paid in full.

Blair

"kiriko via CarKB.com" <u30656@uwe> wrote

"kiriko via CarKB.com" wrote:

Hi,

I'd guess most states have uniform laws on this. Here in California, the
lien holder (who also holds title) gets the first payment, then the
registered owner "gets the crumbs" if any are left after the lien's
satisfied. Title then transfers from the lienholder to the insurance
company. In this case the R/O is out in the cold for all practical
purposes. If the R/O also holds title (no liens), he has to transfer it
to the ins. co. to get paid--at least that's how it was when my vehicle
was stolen. I doubt it's changed.

Rick