Stolen Guns & Insurance Ethics

[tyrion2323]

This is the reason that you pay for insurance in the first place! I'd pick out three ccrrraaazzy markers and keep 'em, myself, but do with them what you want.

[GT]

Buy them but dont return them. This might be a gray area and look semi-fraudlent. However if you purchase them and then sell them like 2-3 months later that might look alittle better.

Remember to explain your break in on next years tax return or the IRS will tax you on that income unless you claim it.

BTW: some insurance companies will allow you to have a "personal libility floater" the company I am with requires the item to cost in access of 1k. if the item is lost or stolen I get 100% of the orginal or apparsied value, zero deductable. oh its also dirt cheap.

[Lohman446]

Re: Stolen Guns & Insurance Ethics

Originally posted by UThomas


Now the trick is, insurance OK'd everything on the quotes, but the govt mandates that for "sporting good" settlements, 50% of the replacement costs get withheld until the items are actually replaced and the receipt is sent in.

I see a BS meter here from your agent. A) ask for that in writing, demand it in writing. If you can prove what yuo had, prove its value, they have no say in how you use the insurance settlement (unless it is specifically written in to your insurance document thingy). Demand in writing, a good agent should be able to get this rolled over for you

[Fixion]

Why would it be unethical? Thats how much the guns are worth, thats how much the insurace company should pay you. Or you could send me one of the guns :), I'll pay shipping.

[barretc]

if you did purchase the new guns and sent the reciepts to the insurance,you would have to remember that there are dates posted or printed on the resiepts stating the day and time purchased. The insurance WILL reconize this and see that you bought the guns after the time your apartment was broken into and relize that the guns you purchased were not the guns stolen. So the best thing to do in the situation (which I hope you have) is the original reciepts of the stolen guns. And i think you said that you do not have the receipts. So, from my point of view, I dont think it will work.

[rdb123]

Guys, he's saying he will buy the markers from an online store or something, collect insurance money to recover the replacement cost, then immediately return the markers to the store. So in essense, he'd be getting maybe 1.5x his markers' value.

[UThomas]

Thanks for the feedback guys. I should be getting in my initial settlement today or tomorrow, so I'll read over the fine print and figure out whats going on. I still have to see what the spirit behind the 50% withholding on the sporting goods is. A couple points in the mean time:

So in essense, he'd be getting maybe 1.5x his markers' value.

Not really, I'm just trying to get 100% replacement value, which is what I pay premiums and deductibles for.

Or you could send me one of the guns , I'll pay shipping.

Sure. Shipping will be $2000 though :)

So the best thing to do in the situation (which I hope you have) is the original reciepts of the stolen guns

No, the deal is they won't give you 100% compensation for your stolen goods until you actually go out and re-purchase them. I'm not sure what the logic of it is (cut down fraud?), but they withhold 20% on CD's, 50% on sporting goods, etc. I've already demonstrated ownership of the stolen goods, now its an issue of getting insurance to reinburse me the other 50% of their value.

[UThomas]

Ok, so I just got my initial payment and paperwork and called insurance. I had $6k in losses which they sent me a check for, and $3.5k in what they termed "recoverable depreciation." Apparently the state policy sets the depreciation percentages that they withhold until you submit receipts for the actual item. For what I see listed:

Music CD's and application software (ex: Win2k) - 50%
PC Games - 20%
Sporting Goods (ex: paintball!) - 50% (!!!)

I asked her "hey, can I just buy a CD to get the full amount and then return it?"

And she said "uhh... you could, but that could be insurance fraud."

So I'm like "why" and she said its because they are paying for replacements. I still don't quite get the logic... but...

I guess I'm going to buy all the guns new and then sell them on the forums and not just return them (which I want badly to do :))...

What colors should I get the evolutions? What do you guys think sells the best? I'm thinking 1 pueter and 1 silver. Or maybe a black/yellow fade.

Any thoughts are appreciated.

[Cryer]

make a poll...

See what everyones fav colors for these particular guns are...

Then order to match the largest demographic