Hi! I recently had a very valuable guitar stolen. The instrument is not really replaceable 1:1 but insurance has said and the replacement value is $5000 and that seems reasonable to me. Insurance has paid me $3000 (actual cash value after depreciation) up front and then reimburses me the rest of the cost of replacement when I provide a receipt.
The replacement I bought was a little over $5000 and I was reimbursed the $2000 from insurance, basically covering the entire cost. The claim is closed. But this new $5000 instrument doesn't really feel right in my hands and I may return it for a full refund. Meanwhile, a friend has a guitar of similar quality that I quite like, that they will sell me for only $1000 because they need to get rid of it and haven't had luck selling it. I would be very happy with the $1000 guitar.
Is there any legal reason I can't return the original guitar and buy my friends instead?
Stolen property -reimbursement value vs actual cash value
byu/imraggedbutright inInsurance
Posted by imraggedbutright
6 Comments
what store are you at
Who owns your guitar?
What are you allowed to do with things you own?
You better not miss your return window.
Nothing wrong with that at all
It is your guitar, you can do whatever you like with it.
You’re good. Do as you want with it now.
It’s about intent. Did you intend to defraud the ins. by buying something and returning it to get the holdback? If not, I would not worry about it.