Incredible stolen VW bus found after 35 years
11-06-2009, 07:10 AM
#12
Registered User
Join Date: Sep 2003
Location: Roseville, CA
Posts: 6,585
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by X4DLuvOfSpeedX,Nov 6 2009, 08:11 AM
You do realize that was the market value when the owner got paid 35 years ago, right?
It's Allstate's car. They paid for it 35 years ago. If you sell your S2000 today for $20k and in 35 years you find out it's worth $100k, are you going to track down the owner and demand the $80k difference? Or if your S2000 gets stolen today, are you going to make a claim with the insurance company for what the car will be worth in 35 years?
Man, some people just think they're entitled to anything.
It's Allstate's car. They paid for it 35 years ago. If you sell your S2000 today for $20k and in 35 years you find out it's worth $100k, are you going to track down the owner and demand the $80k difference? Or if your S2000 gets stolen today, are you going to make a claim with the insurance company for what the car will be worth in 35 years?
Man, some people just think they're entitled to anything.
11-06-2009, 07:12 AM
#13
Registered User
Join Date: Sep 2003
Location: Roseville, CA
Posts: 6,585
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Saki GT,Nov 6 2009, 08:26 AM
I doubt it was worth $25k before the restorer fixed it up. I'd be billing Allstate for the restoration work.
11-06-2009, 07:16 AM
#14
Moderator
Originally Posted by OverBooster,Nov 6 2009, 12:12 PM
Just think about that for a minute. Bill Allstate for work they never requested...on a stolen vehicle. Now keep thinking. Okay good luck with that
11-06-2009, 07:30 AM
#16
Well I did slightly misunderstand the situation, but still though. If I had been the restorer, I'd have to feel like there is some compensation there. That or offer Allstate $2,500 for the title.
Doing all that work just so it gets confiscated? I wouldn't necessarily feel "entitled" to the vehicle just being given to me, but I sure would try to settle up with Allstate somehow so all my hard work wouldn't go to waste.
I'm sure if someone is spending $25k to restore a vehicle they can afford a couple grand more to purchase the vehicle (if Allstate would agree to it)
Doing all that work just so it gets confiscated? I wouldn't necessarily feel "entitled" to the vehicle just being given to me, but I sure would try to settle up with Allstate somehow so all my hard work wouldn't go to waste.
I'm sure if someone is spending $25k to restore a vehicle they can afford a couple grand more to purchase the vehicle (if Allstate would agree to it)
11-06-2009, 10:31 AM
#17
Registered User
Join Date: May 2003
Location: Miami, Florida
Posts: 2,076
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Dreaming_S2k,Nov 6 2009, 11:30 AM
Well I did slightly misunderstand the situation, but still though. If I had been the restorer, I'd have to feel like there is some compensation there. That or offer Allstate $2,500 for the title.
Doing all that work just so it gets confiscated? I wouldn't necessarily feel "entitled" to the vehicle just being given to me, but I sure would try to settle up with Allstate somehow so all my hard work wouldn't go to waste.
I'm sure if someone is spending $25k to restore a vehicle they can afford a couple grand more to purchase the vehicle (if Allstate would agree to it)
Doing all that work just so it gets confiscated? I wouldn't necessarily feel "entitled" to the vehicle just being given to me, but I sure would try to settle up with Allstate somehow so all my hard work wouldn't go to waste.
I'm sure if someone is spending $25k to restore a vehicle they can afford a couple grand more to purchase the vehicle (if Allstate would agree to it)
And if they want, Allstate will ask for their missed returns. Insurance companies are more like investment companies They make most of their profits not from insurance premiums (they pretty much break even with claims), but rather from investing those premiums. So Allstate could say "we missed investing those $2,500 35 years ago, which would've turned into approximately $70,000 by now at 10% anually," for example.
Since $10k is less and $70k is way more than the value of the bus and no one will pay it, they'll probably just keep it and auction it off. And before anyone ruffles their feathers, that's just how the law works for everyone. They're not breaking any laws. Buy stolen goods and they can be taken away from you, wether you knew or not. Caveat Emptor. In fact, they technically also are getting screwed on the deal ($25k > $70k). Sucks, but that's how it goes.
11-06-2009, 11:45 AM
#19
Registered User
Join Date: Sep 2003
Location: Roseville, CA
Posts: 6,585
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by X4DLuvOfSpeedX,Nov 6 2009, 01:31 PM
It could happen, but it won't be as easy as forking over $2,500. At least not without Allstate adjusting for inflation, which is around $10k.
And if they want, Allstate will ask for their missed returns. Insurance companies are more like investment companies They make most of their profits not from insurance premiums (they pretty much break even with claims), but rather from investing those premiums. So Allstate could say "we missed investing those $2,500 35 years ago, which would've turned into approximately $70,000 by now at 10% anually," for example.
Since $10k is less and $70k is way more than the value of the bus and no one will pay it, they'll probably just keep it and auction it off. And before anyone ruffles their feathers, that's just how the law works for everyone. They're not breaking any laws. Buy stolen goods and they can be taken away from you, wether you knew or not. Caveat Emptor. In fact, they technically also are getting screwed on the deal ($25k > $70k). Sucks, but that's how it goes.
And if they want, Allstate will ask for their missed returns. Insurance companies are more like investment companies They make most of their profits not from insurance premiums (they pretty much break even with claims), but rather from investing those premiums. So Allstate could say "we missed investing those $2,500 35 years ago, which would've turned into approximately $70,000 by now at 10% anually," for example.
Since $10k is less and $70k is way more than the value of the bus and no one will pay it, they'll probably just keep it and auction it off. And before anyone ruffles their feathers, that's just how the law works for everyone. They're not breaking any laws. Buy stolen goods and they can be taken away from you, wether you knew or not. Caveat Emptor. In fact, they technically also are getting screwed on the deal ($25k > $70k). Sucks, but that's how it goes.
And for every lawyer a car restoration business could afford, Allstate has about 100.
Thread
Thread Starter
Forum
Replies
Last Post
aklucsarits
Car and Bike Talk
12
08-04-2006 09:35 AM