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If your insurance company pays for your stolen car and the stolen car is later found....?

Here's my scenario. Let's say that Bob owns a corvette which is covered by full coverage insurance and is valued at $60 Grand. One day; Bob's corvette is stolen. So Bob makes the insurance claim and the insurance company cuts him a check for the $60K. Bob uses that $60K to purchase another similar corvette to replace the one stolen. So far; everything is legit. But suppose a week later; the phone rings. It's the police. They are calling Bob to tell him that they have located his stolen car and he can come pick it up at any time. If Bob doesn't tell his insurance company that the original corvette was found and recovered; could he then sell one of the corvettes and be up $60K AND still have a corvette? Could that happen? Not asking if it's legal. I'm asking if it could happen.

   








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