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What Happens When an Auto is Recovered...30 Years Later?

In 1973, the insured had a 1967 Chevy Corvette stolen. It was reported to the police and the insurer paid $2,500 for the claim. The car was recovered last October, completely stripped. The police called the insured and released the car to him. The insured sold the car to a friend who restores Vettes. The insurer now wants the insured to reimburse them for $14,000, the current value of the car. The insured wants to reimburse the carrier the $2,500 paid over 30 years ago. Who's correct?

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