Insurance Question???

Our cabin was broken into last month and 2 handguns were stolen. A brand new Taurus Judge $499 and a 44 Ruger Super Blackhawk with an 11" barrel valued at $1850.
The insurance depreciated the Judge by $2 as it was 1 week old and depreciated the Ruger down to $185 because it was 20 years old.
We have a $500 deductible. There were also a couple holsters stolen with a slight value. The insurance paid us a total of $363.
The guns were recovered by the police and are in evidence. The insurance told us to cash the check anyway and we could still replace the guns getting replacement value from the insurance co. They also said that we could later negotiate with them a price to buy back our guns when they are released by the police.
My question:
I understand from the insurance lady that we will not have to pay back more than they gave us for the guns, i.e., for the Ruger we can negotiate a buy back for $185 or less. But for the Taurus which they already valued at $497??? Do they expect us to pay back that much when they release the gun or just give them back the total they paid of $363 less the deductible?
I think they are going to want the $497 which doesn't make sense because we have already lost $500 in the deductible and they should just give us that gun back for nothing???

Candee,
I would call another insurance company,and ask for help. It might be time to change insurance companies. I wish I knew the answer for you.
Patti

Thanks Patti, we just changed from one to this one and have never made a claim in our entire lives. I'll let you know how it works out.
Hope all is well with you, I am still busy making angels and doilies!
Candee

Do you make Christmas doilies ?
I have never filed either. Can you keep the guns too?

I have several christmas crinolines made up.
I'll keep you posted on the guns, they are in the crime lab right now.

Here is a pic of the doilies on my web page. For you $10 each if interested. If you want something special I will be happy to make it for you.

http://handsatwork.webs.com/apps/webstore/products/show/3498938

I'm curious what your ins. tells you, too. We have several guns in our home and need to speak with our co. about them. They represent quite a chunk of change and we would hate to lose them. Keep us posted.

I can tell you for sure kwanjin, that in the eyes of the ins. co. the guns depreciate dramatically, they do not increase in value in the ins. world. I suggest if you insure them you get a separate policy just for the guns and insure them for their actual value if you want to get full reimbursement if lost or stolen.
I will keep you posted, as the culprits have been caught and will be charged this week. Hope to have our guns returned in the next 2 months??? I'll let you know what the ins. co. wants to buy them back!

Good to know. Thanks!

If you have not already cashed the check, don't. Once those guns come out of evidence (i.e. guilty plea or end of trial), they will come back to you. Unfortunately, this means that you'll be without them for that period.

The insurance has already paid you the "used" replacement value for the guns. Unless your policy specifies that any lost items will be replaced with a "new" replacement item rather than covering just the old value of the lost item, then you are stuck with what you have. You should be able to repay them just the $360 to recover them after they come out of evidence.

If this were my situation, I'd just skip the insurance payment and wait for them to be released from evidence. It's not like you can buy another handgun for that little money in the meanwhile.

I am not an insurance agent. This is just my opinion.

Unfortunately we had already cashed the check before the guns were recovered so that is now a moot point. We will keep you posted on what the insurance co. wants to buy back the guns. Hope it isn't much longer, but the state police did say about 2 more months???

We do have a policy with replacement value; however the ruger super blackhawk with the 11 1/2 inch barrel is no longer made and the taurus judge was brand new, so with our $500 deductible the insurance would only pay us about $2 to replace that gun lol!!!