Before browsing car dealerships and auto classifieds, shoppers research financing options, compare gas mileage specs, and may consult ConsumerReports.org for safety ratings. This multi-faceted list grows markedly when someone decides to purchase a used vehicle, an endeavor that necessitates additional research and precautions.
Exercising common sense and being aware of scams will also help consumers steer clear of “lemons.” To this end, the National Insurance Crime Bureau (NICB)—and, by extension, its more than 1,000 P&C insurers and self-insured member organizations—is educating consumers about potential red flags that indicate a deal really is “too good to be true.”
For instance, a scheme involving salvaged automobiles is picking up speed, NICB cautions. As severe weather and flooding continues across much of the U.S., many vehicles will be subjected to storm and water damage. As a result, affected vehicles may be declared “total losses” by P&C insurers and subsequently sold as salvage.
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