No Fault Automobile Insurance (Noun)
Meaning
A system of automobile insurance where a party who is injured in an automobile accident recovers damages up to a specific amount against his own insurance company regardless of who was responsible for the accident; "the amount of litigation resulting from minor accidents is reduced by no fault insurance".
Classification
Nouns denoting possession and transfer of possession.
Examples
- In several US states, drivers can choose no-fault automobile insurance when they buy an insurance policy, so regardless of whose fault it was in a vehicle crash they file against their insurance.
- By its design no fault automobile insurance rules on disputes reduce minor motor accident damages litigations notably saving driver or carriers further considerable litigative loss monies every financial fiscal annual operating season each resulting of case thus processed generally though saving driver/insurance company settlement money all around.
- Because no-fault automobile insurance helps protect the names of individuals not in charge of accidents, one many proponents might use is mitigating the possible tort for what or why the accident took place.
- Choosing no-fault automobile insurance involves knowing terms in the states where those plans are in operation at the time.
- No-fault automobile insurance has its upsides as demonstrated with lower legal costs and administrative outlays per fiscal calendar given a significantly short duration for claims processing.