| Title | : | The U.S. Experience with No-Fault Automobile Insurance |
|---|---|---|
| Author | : | James M. Anderson, Paul Heaton & Stephen J. Carroll |
| Release | : | 2010-02-15 |
| Kind | : | ebook |
| Genre | : | Industries & Professions, Books, Business & Personal Finance |
| Size | : | 4647086 |
| No-fault automobile-insurance regimes were the culmination of decades of dissatisfaction with the use of the traditional tort system for compensating victims of automobile accidents. They promised quicker, fairer, less-contentious, and, it was hoped, less-expensive resolution of automobile-accident injuries. This book considers how these plans have fared. After reviewing the intellectual and political history of no-fault auto insurance, the authors conclude that no-fault lost political popularity because of the perception that it did not deliver the promised consumer premium cost reductions. Over time, premiums and claim costs have grown in no-fault states relative to other states, primarily driven by explosive medical cost increases. No-fault and tort states have also converged across many domains affecting costs, including excess claiming, litigation patterns, and noneconomic-damage payments. |
