@article{ref1,
title="No-Fault Approaches to Compensating Auto Accident Victims",
journal="Journal of Risk and Insurance",
year="1993",
author="Carroll, Stephen J. and Kakalik, James S.",
volume="60",
number="2",
pages="265-287",
abstract="This study estimates the effects of a broad range of alternative no-fault auto insurance plans, compared with the traditional tort system. A simulation model relating accident victims' injuries and losses to their expected auto insurance compensation under a specified no-fault plan is applied to a representative sample of auto accident victims in the tort states. Their estimated compensation under each of several no-fault alternatives is then compared to their actual compensation. The results indicate that no-fault can yield substantial savings over the traditional system, or may increase costs substantially, depending on the no-fault plan's provisions. Regardless of plan provisions, all no-fault plans reduce transaction costs, match compensation more closely with economic loss, reduce the amounts paid in compensation for noneconomic loss to less seriously injured people, and speed up compensation.<p />",
language="",
issn="0022-4367",
doi="10.2307/252907",
url="http://dx.doi.org/10.2307/252907"
}