Car Insurance Question

Parent Cafe
21

<p>There was actually an economics paper describing markets of asymmetric information, which is relevant to used cars.</p>

<p>[The</a> Market for Lemons - Wikipedia, the free encyclopedia](<a href=“http://en.wikipedia.org/wiki/The_Market_for_Lemons]The”>The Market for Lemons - Wikipedia)
[Summary</a> of Akerlof: The market for lemons - From WikiSummary, free summaries of academic books and articles](<a href=“http://wikisum.com/w/Akerlof:_The_market_for_lemons]Summary”>http://wikisum.com/w/Akerlof:_The_market_for_lemons)</p>

22

<p>We’re in NJ. Think the laws vary by state.
My 10 yr old minivan was totaled a few years ago but was still safe and driveable.
My insurance company paid the book value to me.
I did not need to get a salvage title.
Drove it for 2 more years and then had one of those salvage dealer guys take it away and I still got a check for $100 from them.</p>

23

<p>Bookmarking this for future reference … thanks everyone!</p>