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What if your bike was stolen from your house and you claimed on the house insurance. shortly after you received the payment and bought your new bike your old one was recovered. who owns the old bike?
Wiki User
∙ 14y ago
The insurance company is now owner of the bike. Just as in vehicle claims where the vehicle is totaled, you may only reclaim the vehicle if you pay the insurance company a salvage value amount (the same price they are selling it to a junkyard for).
Unfortunately, the insurance company probably does not want a bike, and may either demand refund of the claim payout, or just tell you to keep the bike. The insurance company was probably notified of the bike's return, so they will probably contact you.
At least, that's how it is in Arizona. Your state laws may differ.
Wiki User
∙ 14y ago
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