High Point Enterprise Newspaper Archives Jan 26 1972, Page 11

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High Point Enterprise (Newspaper) - January 26, 1972, High Point, North Carolina 12a High Point Enterprise wednesday Jan. 26, 1972 personal finance is no fault insurance to be sidetracked by Carlton Smith Flim Flamming the american Public was Long ago refined to a High Art and we seem to be witnessing currently a massive example of one of the neater tricks in the books a version of the old disappearing act. Over the past few years car owners have grown increasingly outraged Over the inadequacies the injustices and the exorbitant Cost of Auto insurance. Along came a new concept called a n o f a u 11 which seems to hold great Promise. So much popular support has been generated in the past three or four years that in 1971 alone in More than 30 states a no fault insurance was introduced or proposed. The Story of How the old disappearing act was applied a and Why is infesting. Our present system of insurance was t designed or thought out by anybody. It grew up haphazardly a kind of adopted child of the Law of torts. To oversimplify if a if. As a Driver you re not insured for something but again omething�?viz., having to pay a judgment. If you re injured in an Accident who covers your medical Bills loss of income or other damages no one unless you can establish that the other Driver was at fault. You re actually covered by his insurance not yours. A n d chances Are you la have to go to court to prove he was at fault and get a judgment against him. This is known As the adversary system and people who be been supporting another system no fault insurance cite several reasons Why it should be junked Accident victims get a Small share of the insurance Money. A study by the Federal judicial Center of some 220.000 suits filed in one near showed Accident victims received about $700 million As their share while trial lawyers got about $600 million in fees plus another $100 million As reimbursed expenses. The study covered 513.096 Accident victims killed or injured. More than half�?280.015�?got nothing because Ai they were a at fault a or by there was no one to sue who pays the Bills when its a hit and run Driver never caught when the other Driver is not insured and not Worth suing i in More than half the states insurance Industry figures show. 20 per cent or More of the Drivers Are not insured. Since you re actually covered by the other Driver s insurance Well you la Verv often have to Bear your losses without help from insurance there a a mile Long list of other figures indicating that the adversary system does not adequately compensate the victims that it s enormously costly reflected in the premiums Vou Pav As a Driver and so unloved that even the big insurance companies want to get rid of it. To american insurance association is a Pioneer in the Effort to the idea of no fault insurance across. No fault Means simply that any Accident victim without regard for whom was a at fault a is compensated for medical expenses lost income disability and other economic losses up to certain limits. Lawsuits Are out except to Settle Large a a catastrophic losses. In the legislative sessions ended last year no fault Bills were under consideration in More than 30 states. How Many today have genuine no fault plans two. Others have so called no fault plans which Aren to one version of How you can make something disappear. If the p e o p i e demand butter pass a Law giving them in the Fine print define what they re getting As mud. The concept of no fault insurance is fairly simple of you re injured you done to have to go to court to prove that somebody else was at fault so you can collect from him that is from h i s insurance company. Regardless of whose fault the Accident was your insurance company takes care of your medical Bills and other economic losses in the usual Case. In under our present go to court to collect system most Accident victims Bear a Good share of the losses thee suffer. The average injured person according to a definitive Federal study bears 57 per cent of the Cost of the injuries the average economic loss in permanent disability cases was put at $78,000 the average collected is $12,556. Many Legal authorities economists and insurance executives maintain that no fault insurance is a better Way to do it. The american insurance association speaking for Many of the major Auto underwriters Bas been a Pioneer supporter i yet the concept can t seem to make it in the state Legislatures. It was either rejected or simply buried in 30 states last it ear. Why tile most vocal and most powerful opposition to no fault insurance has come from the american trial l a w v e r s association. It s u u n d e a Stanable. A study by the Federal judicial Center of 220 too Auto injury cases in one year showed that lawyers collected in fees and expenses $700 million a almost exactly the same amount As received by the Accident victims. It s a billion Dollar a year business for personal injury lawyers. Massachusetts the first no fault state has seen insurance premiums reduced 42 6 per cent a year. Fine for the motorists but its been a year of Bleak depression for lawyers specializing in Auto injury lawsuits. The current president of the trial hawsers association has said he was elected on a platform of opposing no fault and that Block amp White per Only. We it pc id 4 weeks m of vane to Deposit National tee Vee rentals 335 s. Mom phone 883 1781 4 Dee to itch <0 to m wha you Reed whatever the purpose us whenever and wherever you need Glass. Rely on us. Serving Home business and Industry expertly. 88 3-6719 building specialities is what he a going to do. State Legislatures Are of course heavily larded with members of the Legal profession. No fault insurance was Defeated in California primarily by lawyer legislators even though the state bar association Felt called upon to go on record pro no fault. We foresee a dim future for no fault insurance at the state legislature level. In two or three states its been adroitly disposed of by passing Bills Labelling no fault which in fact invite just As Many lawsuits As before. One top expert has predicted these Bills will actually increase insurance costs. The alternative is a uniform Federal no fault plan for All states As provided for in the Magnuson Hart Bill now pending in the Senate. Again there a powerful opposition the considerable weight exerted by the trial lawyers lobbying plus an administration position that things like this ought to be left to the states to work out. Like workmen compensation Laws perhaps it took 27 years to get them passed in All the states there a Likely to be a no fault Bill in your state legislature again during its next session. Will it be genuinely no fault or does it leave the doors wide open As before to lawsuits and the adversary system find out and let your representative know where you stand. Ask you . Senator for a copy of the Magnuson Hart Bill and any relevant material he can Send you. Then let your two senators know where you stand. Or just do nothing. After All its your Money. Complete line of horse tack at discount prices Mann drug no. 3 800 s. Main St phone 88 24123 visit sir pizza a 2000 n main St. A Southgate shopping Conter 516 National Highway Thomasville . Place your want and today and charge it Sale. Washer dryer pair. Our own Brand of brighteners to beat the Wash Day blues. Sale. Programmed Washer. $199 Reg. 219.95 Matching electric dryer. 133 Reg. 149.95 cd Sale prices effective through saturday. 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