Gun stolen. Insurance paid for replacement. Gun recovered. What next?

Question

Bought a shotgun in 1997 for $1200. In 2010 it was stolen along with other possessions. I bought all new replacements for what was stolen. I paid $5000. Insurance paid me $4000. My deductible was $1000. Today the sheriffs department called me and said someone tried to cross into the Canada border with the gun. Authorities confiscated the gun. They are returning it to me. They said I need to contact my insurance company and tell them what happened. I did.

What can I expect from the insurance company?

lestermount · Answer

you can buy the gun back from the insurance company who now owns it since they paid you for the loss.

babyboomer1001 · Answer

They may want their money back.  They may decide to forget about it.  It's up to them.

Spock (rhp) · Answer

they'll want the gun, or for you to sell it and send them the money

oldprof · Answer

Good question.  I suppose the answer is...it depends on the terms and conditions of your insurance policy.  Best go over that...even the fine print.

? · Answer

Legally, the gun belongs to the insurance company, if they paid for the replacement.

regerugged · Answer

Your insurance owns the gun as salvage.  You may be able to sue the person who had the gun to try to recover your deductible.

Rosalie · Answer

It's the same as  when they total your car.
You were paid for the lost item, so it now belongs to the insurance company- but since they don't WANT to own a gun, your option may well be to return the payout. You don't get both.

PoohBearPenguin · Answer

You'll have to call them and ask but I suspect since the robbery was so long ago, this is just a bit of good luck.

Anonymous · Answer

Good. Guns need banned because they are dangerous. It’s good he stole it he’s turning it in

vera · Answer

see ya

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Gun stolen. Insurance paid for replacement. Gun recovered. What next?

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