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The Mountain Goats – Insurance Fraud #2 Lyrics 15 years ago
I don't think so, 'bag full of oily rags' and 'fifty cent lighter' would suggest that this person is stuffing their fuel-tank with flammable cloth, and lighting it, thus destroying the car, so that they can collect on the insurance. The 'dreams of retirement in Cancun burning ever brighter' line is a fairly obvious metaphor for this person's rekindled dreams, as well as literally referring to the burning car. I assume that this person dies in the incident, i.e. 'college graduation photograph/ splashed all over the six o'clock news'.

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