Automobile insurance suddenly whiplashed
After years of talk about results, no-fault automobile insurance whiplashed suddenly in a matter of national debate. Last year, only an act of Massachusetts had automatic allows collection of accident victims pay for the injury, without putting in place, was responsible. The Florida has a no-fault plan this year and a debt of Illinois has no law is currently before the courts. Legislators in at least 25 other states, including New York, New Jersey, Virginia and California, it is expected that their own versions 1972, during sessions. It is perhaps fortunate that the Congress could be the case once and for all, through the establishment of national legislation is not entitled to this year. “I think it is something lost in combat no-fault either,” said Thomas Cargill Jr., a lawyer, Boston Massachusetts law challenged unsuccessfully in court. “This is a fire.
Reduced premiums. The fire was fanned by widespread public discontent with the system now in force. The system is based on the Saxon Common Law of Torts (badly), where someone must be “guilty” before a court can award damages. With the rate of accidents increases, the work of setting up such evidence has a huge backlog of cases in courts across the nation. More than half of complaints from the increase in car accidents or take more than two years before the courts. Too often the leaves to face sacrifices in the meantime, they can both with the timing of medical bills. In addition, claimants often claim huge sums of money for “pain and suffering” or too vague and sometimes imaginary back and head injuries. If an award is made, the victim must, as a general rule, at least one third it to his lawyer.
In no mistake insurance, all parties interested in a car accident is automatically reimbursed for its costs of insurance for medical care, lost time and damage to his car. For insurance companies, the actual costs for these losses should theoretically be the same as under the former regime, while costs of managing them should be significantly reduced. The result should be present in the sky reductions in premium rates high, or at least be limited to one per year. Currently, legal fees and distribution costs eat at 56 cents for every dollar paid auto insurance premiums. Says Professor Guido Calabresi of the Yale Law School: “Any compensation system in which half the investment for administrative costs and cost is lausig.
The no-fault principle is not new. Auto-insurance coverage for goods such as theft, fire, storms, floods and others has always been new for compensation without debate on debt. The laws now taking into account that an extension of the practice of injuries or property damage coverage, or both.
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