I can't believe anybody buying a new Corvette and not getting comprehensive insurance. He must have paid cash, because a lender would have required full coverage insurance. Somehow, I don'g feel sorry for someone who has the cash for that kind of car, but can't afford to insure it. If you can't fully afford it, you shouldn't be buying it!
Stolen Corvette returned after 37 years
- Thread starter Beachboy
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He could afford it, he couldn't afford to loose it.
Yeah, not sure how you can "afford" a new Corvette and not "afford" insurance. Glad he eventually got it back though.
Funny, cops had 37 years to find it...but wasnt until somebody dropped it into customs lap that it was recovered...37 YEARS!!! I still find even that hard to believe...must have had a huge neon sign on it that said "Stolen from Alan Poster in NYC 1969!!!"
BTW, why does he get the car? Not all of it is/was his.
BTW, why does he get the car? Not all of it is/was his.
Dude, who buys a vette and skimps on the insurance?
if you are rich enough to buy a corvette with cash you are probably rich enough to not need insurance on the corvette.
Master Acid, Following your logic, than if one is "rich" enough to buy a '81 Olds, then they're "rich" enough to not need insurance either.
I wonder if he was able to take the loss against his taxes in 1969?
That's a cool story. I'll bet the news that they found his car hit the guy like a ton of bricks after all that time.
Patman
Staff member
Keep in mind that he bought the car in 1969, and Corvettes were a bit more affordable for the average person back then. A lot of young guys could afford them, but they had little money for anything else, they would push themselves to the max to get it. So having no theft insurance was probably normal back then.
Kestas
Staff member
I can't understand how the seller isn't implicated in this.... don't you have to have a clear title?
Yeah, you'd be surprised how many people will mismanage their money and over-extend themselves. They'll spend the last dime on getting a car which is beyond their standard of living, and then starve themselves to save up for gas money. Not to mention not having anything leftover for maintenance, repairs, new tires, etc.
On the other hand, insurance cost in NY can be pretty steep. Not sure what it was like 40 years ago, but for a fancy sports car, it couldn't have been low I guess.
On the other hand, insurance cost in NY can be pretty steep. Not sure what it was like 40 years ago, but for a fancy sports car, it couldn't have been low I guess.
Kestas
Staff member
So was the car taken away from the seller, making him SOL?.... kinda like being caught with counterfeit money.... they know you didn't print it, but you're out that amount and have to take the loss.
I wonder if auto insurance carries title insurance like you buy for your home.
I wonder if auto insurance carries title insurance like you buy for your home.
Kestas, the answer is yes. The same is true for any stolen property. To my understanding, the onus is on the buyer to make sure any property being purchased is legit. If it turns out to be stolen, the original owner gets it back and the person in possession gets stuck for the loss and maybe a jail term if they knew it was stolen and bought it anyway.
Quattro Pete you hit the nail on the head. Search google for "BMW sludge" (or insert your favorite marque.)
Lots of states don't require titles for cars over a certain age, like 10-15 years. Or you could put a lien on an "abandoned" car and eventually get title. Without interconnected computers in the 70's or even standardized VINs until 1981 it was probably pretty easy.
Lots of states don't require titles for cars over a certain age, like 10-15 years. Or you could put a lien on an "abandoned" car and eventually get title. Without interconnected computers in the 70's or even standardized VINs until 1981 it was probably pretty easy.
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