What is No Fault insurance? Am I required to carry it?
Total Comments: 3
Posted: Mon Jan 10, 2011 05:29 pm Post Subject:
No-Fault insurance was designed to lower the cost of auto insurance by reducing the number of lawsuits filed because of auto accidents. This is done on the premise that each insurance company will compensate their own policyholder for the cost of minor injuries regardless whether they were at fault in the accident.
Posted: Mon Jan 10, 2011 05:40 pm Post Subject:
Whether or not you are required to carry it is dependent upon the state you live in.
Posted: Wed May 11, 2011 04:33 pm Post Subject:
In general terms No-Fault Insurance used to describe an insurance policy under which each insured’s losses are paid for by their own insurance carrier regardless of whose fault the accident was. There is no proof of fault required in the event of the accident. No Fault Insurance was developed in order to reduce the costs of expensive litigation proceedings after an accident; this in turn lowers the premium of insurance policies. The laws regarding No-Fault Insurance vary from state to state, you should check with your agent or insurance company to see if you need to have No-Fault Insurance.
Posted: Mon Jan 10, 2011 05:29 pm Post Subject:
No-Fault insurance was designed to lower the cost of auto insurance by reducing the number of lawsuits filed because of auto accidents. This is done on the premise that each insurance company will compensate their own policyholder for the cost of minor injuries regardless whether they were at fault in the accident.
Posted: Mon Jan 10, 2011 05:40 pm Post Subject:
Whether or not you are required to carry it is dependent upon the state you live in.
Posted: Wed May 11, 2011 04:33 pm Post Subject:
In general terms No-Fault Insurance used to describe an insurance policy under which each insured’s losses are paid for by their own insurance carrier regardless of whose fault the accident was. There is no proof of fault required in the event of the accident. No Fault Insurance was developed in order to reduce the costs of expensive litigation proceedings after an accident; this in turn lowers the premium of insurance policies. The laws regarding No-Fault Insurance vary from state to state, you should check with your agent or insurance company to see if you need to have No-Fault Insurance.
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