Car Insurance

PIP Benefits and Limitations On Tort Liability with Compulsory No-fault

The magnitude of required PIP benefits for medical expenses and loss of income varies widely across states with compulsory no-fault laws. For example, the minimum amount of total benefits for medical expenses and loss of income is less than $100000 in Colorado, and unlimited in Michigan. Like first-party medical payments coverage in states without no …

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Should Tort Liability Be Limited with No-fault Laws?

No fault Compared to Tort Liability; Under fort liability systems for auto accidents, drivers who cause accidents can be sued for damages by injured parties under a negligence standard. For the reasons, discussed in the previous section, most drivers are required to pay at least part of the costs they impose on others. Under a …

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Overview of Auto Loss Exposures and Insurance

Over 35 million auto accidents occur annually in the United States, killing more than 4000 people and producing well over $100 billion in economic loss. Personal auto insurance which protects against many losses associated with auto accidents, is the largest line of property-liability insurance term of premium volume, with year 2000 written premiums of $120 …

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