One small update to stolen guns.

Discussion in 'Stolen Property & Criminality' started by pawncop, Jan 26, 2009.

  1. pawncop

    pawncop Active Member

    Aug 11, 2008
    Have run into several situations recently and wanted to share with my Texas Gun Talk family.

    If you have a gun stolen and you receive compensation from your insurance company, they become the rightful owners of the gun you reported.

    I post this as one of my complainants (victims) was very unhappy to learn, after I identified the gun as the one he reported, was not to be returned to him.

    Just wanted to let folks know how the process works.

    Post if you have questions or comments.

  2. JKTex

    JKTex Well-Known

    Mar 11, 2008
    DFW, North Texas
    At first that surprised me that someone who buys insurance on anything, wouldn't understand that. But if someone has never gone through a claim process and otherwise has ever thought it through, I guess there are some that wouldn't think a paid claim is the same as selling the item to the insurance company.

    You'd need to talk to your insurance company. I know people who have successfully, and lucratively I might add, bought back cars that were totaled, with part of the claim money.

    If the insurance company can dispose of the item quicker, they'll do it. But they own it, and it's up to them if they want to sell it back to you.
  3. pawncop

    pawncop Active Member

    Aug 11, 2008
    I have to report that which I have heard, since I don't have any first hand experience in this phase of the offense.

    I understand that the insurance company will allow the victim to pay back that portion of the claim and allow them to have their property back.

    I do not know the process or any requirements etc.

    If anyone has better information I would love to hear from them.
  4. kingofwylietx

    kingofwylietx Well-Known

    Feb 29, 2008
    DFW area.....Wylie.
    You should also know in advance if your policy will pay you depreciated value or replacement value. IF you have a house fire and lose a pair of Levi jeans, with a standard policy you may get $8 per pair of Levi's.....with replacement value policy you would get maybe $35.

    I am surprised by what people don't know about their own insurance. If the person is made whole, they have no interest in the found property. They have already been compensated for it's loss. You are not entitled to a windfall, you are entitled to be made whole.
  5. Shorts

    Shorts TGT Addict TGT Supporter

    Mar 28, 2008
    Here's the thing that bugs me. Insurance only pays a set amount for firearms (ours was $2000). You're entire stolen/destroyed collection you made a claim on will probably exceed that amount.

    $2000 is the MAX total. Whether that covers replacement or depreciated value, it isn't sufficient either way.

  6. photofreeman

    photofreeman Member

    Jan 12, 2009
    Also with the replacement coverage they may pay depreciated value anyway until you prove you actually replaced the item.
  7. 40Arpent

    40Arpent TGT Addict TGT Supporter

    Jul 16, 2008
    You're touching on a very misunderstood aspect of homeowners insurance. Many people think that they have much more coverage than they actually do, particularly when it comes to things such as guns, jewelry, tools, powersports toys (dirtbikes, jet skis, etc.). Just because it resides under your roof doesn't mean it's covered. The aforementioned things are typically only covered via insurance riders at additional cost to the insured. The insurance companies also typically require itemized lists with verifiable appraisals.

    I don't mean this in a derogatory manner, but if people would just read their insurance policies and/or discuss the details with their agents, there'd be a hell of a lot less confusion and frustration.
  8. Nate C

    Nate C Active Member

    Mar 30, 2008
    Black Cat Ridge
    Yep. You have to read the fine print. Those rider policies can get pricy, too.
  9. Kerbouchard

    Kerbouchard Member

    Jun 18, 2008
    I had never really thought about this until now, but do insurance companies have auctions or a place where they sell recovered goods? Seems like that would be a great way to pick up some good deals.
  10. ducksps

    ducksps Active Member

    Mar 3, 2008
    Austin, Houston
    always check

    After buying some transferrable NFA machine guns I called my agent to better understand my homeowners coverage. Once I calmed him down and helped him understand i was not in possession of something illegal he took the time to check on things for me.

    I did have to raise my values a good bit and in the event of a claim a market determination would have to be made. definently a good thing to verify and keep tabs on as the policy could change from year to year.


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