What to Do if a Watch Is Returned After the Insurance Claim Is Paid?

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After you file an insurance claim you may still end up getting your lost item back. Find out what to do if a watch is returned after the associated insurance claim is paid with help from a personal finance professional in this free video clip.

Part of the Video Series: Money Management
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Video Transcript

Hi, my name is Andrew Schrage, co-owner of the MoneyCrashers.com personal finance website, and today we're going to discuss what to do if you find your watch after you've filed an insurance claim and been compensated for that watch. Now, the scenario where this arises is, you can't find your watch, you think it's stolen or you've misplaced it, or you've simply lost it. You then file a claim with the insurance company who compensates you for that watch, and you go out and purchase a new watch, just like you should. However, after you get that new watch, what happens if your old watch turns up? Somehow you find it, someone returns it. What you first need to do is contact the insurance company immediately. Otherwise you could be liable for fraud or even potential imprisonment. Then, you can speak with your insurance company about the options, but generally, you'll have two options available to you. You can either return the new watch, and keep your old watch, and the insurance company will likely sell that watch at auction to get reimbursed for how much it had paid you. The other option is, if you wanna keep your new watch, you can return to them the money that they reimbursed you for the insurance claim, and then you're squared away with the insurance company. Those are the two options you have, and you can likely speak with your insurance company to discuss exactly what the differential will be between how much your paid back, or how much the new watch is worth, but generally they will work with you to figure out the situation. Just make sure you report it immediately. Once again, this is Andrew Schrage of MoneyCrashers.com, discussing what to do if your watch has returned or found after you file an insurance claim on it.

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