Who’s in the driver’s seat? (part 2 of 2)

TruePoint Insurance at Christmas

The Critic’s View

Those opposed to the autonomous car can defend their position by using safety statistics alone.   While self-driving autos may be the thing of the future, the future certainly isn’t now.

Proponents may also have a flawed economic model.  While they argue that eliminating the driver will reduce the cost so dramatically that car ownership will soon be a thing of the past.  Taxi stands will soon be on every corner.

But do we currently have enough taxis, Uber, etc. to meet he need?  How many more will be neededto meet the twice-daily rush hour demand across America? 

Absolutely no way!  In 2012 there were 234,000 taxis in America.  That may be enough to address the required cars in Louisville, Kentucky during rush hour. 

Assume we do develop taxi fleets across the US that will satisfy our needs.  128 Million people in the US  commute to work by car.  Does that means we need to add 127 Million vehicles added to our taxi services?  Sure ride sharing will cut that number significantly, but you are still looking for 60 to 80 million new cars. The vast majority of those will be used only three or four hours a day.  Unused vehicles taking up space in garages and will still be subject to numerous fixed costs.  Costs that will quickly eliminate the 70% saving, and may likely lead to a higher price than today’s model.  What the proponents are missing is that the actual driver cost isn’t 70% of the current transportation cost.  That is unless someone is paying you to set in rush hour traffic!

Besides the safety and cost issues, several more problems need to be addressed.  Of greatest concern our Issues that will significantly impact the safety of driverless vehicles as they age, a broader understanding of the risks associated with computer drivers, and who should we point the finger at when things do go wrong.  Below are just a few examples ssues that concern me:

  • •    Proponents argue that humans are more apt to err.  Lots of stuff including catching the virus of the month can lower our capacity to drive.  Oops, computers get viruses too. 
  •      o         What happens whenthe computer is operating correctly?
  •      o         Could a nation ofdriver-less vehicles be immune to a cyber-attack? 
  • •    Time in when the shop.  My current car has an alert that stays on each winter.  It is related to the car’s ability to burn fuel with a higher alcohol level.  I know that it isn’t hurting anything and when I get it fixed, it is likely to re-occur.  So I wait until spring and it always takes care of itself.  My wife’s last car had a low tire level light that went on and off regularly.  It was caused because a magnet flew off.  I could have spent $85 and crossed my fingers that it wouldn’t happen again or I could visually check my tires if need. 

Will computers use the same logic that I do?  Or will I walk out to the garage one morning to find that my driverless car drove itself to the garage?

  • •    If you don’t see this one coming, then shame on you.  My car is in line waiting for well over an hour to get it’s required quarterly safety and maintenance checkup at the DMV. You think it drove itself there? Of course, it did, but not without you there to pay for your licensing and renewal.  Yes, that will eventually become part of the computer’s program, but what happens if your car fails the inspection.  If you don’t want to pay an outrageous towing bill, then you better be there to drive the car home or to the nearest Computer Diagnostics and Reprogramming Garage.
  • •    I ’ve, and I am going to be late for the most critical meeting ever.  Will the driverless car let me speed?  Better yet, we are out in the country for a Sunday afternoon drive when my wife goes into labor.  How fast will the car go?
  • •    Car insurance.  Who will pay for auto insurance on an autonomous vehicle?  The manufacturer?  That’s what everyone around me seems to think.  But I almost certain they will be wrong.  Sure the manufacturer should be on the hook for flawed programming.  But I will be shocked if the will accept exposure for your lack of maintenance or a slew of other things that you may do or not do that results in an accident. Will there be multiple policies in place to provide auto liability protection.  That certainly doesn’t sound efficient to me.  And that leads to another issue…..
  • •    Data. Do you think the government will mandate that manufacturers provide data storage for your vehicle?  You bet they will, and I am guessing it will be extreme overkill and wind up looking something akin to an airplanes black box. 
  •      o    Data on everywhere you go and when. 
  •      o    But the real issue is whose data is it.  Is it yours’, the manufacturer’s, your car insurance company’s, the police, government, Homeland Security……….
  • •    What will happen if you’re driving done the interstate and solar flares begin to impact your computer and those driving all the other cars that are on the highway?
  • •    Cable or Dish…..dish users know that trying to watch TV during a heavy rainstorm is a waste of time.  How does the driverless car respond to weather, or construction zones, police officers waiving you around blocked roads, flash floods, and so many more obstacles and hazards that are associated with driving?  Maybe these factors have been already accounted for, but these are a few the questions that I will need to have answered before my first ride with HAL. 

When will driver-less cars be available to the masses?

I don’t know the answer to that question.  If it were up to me I would not subject citizens to any unwarranted risk.  Why should we be forced to share the road with autonomous automobiles until they are safer than the average human driver?  

People are dying every day that could be given access to drugs not yet approved by the FDA.  In many cases, these nonapproved drugs represent the only real hope some have.

Why is our government blocking access to the only hope that these desperate people might have?  I don’t know!  But I am sure of this!  If our government continues refusing dying Americans access to hope, then they damn well better be keeping experimental cars that have a record for higher fatalities, off the roads that my kids are driving.

https://www.insuringky.com/blog/whos-in-the-drivers-seat-part-1-of-2/

Insurance

Volunteering and Your Car Insurance

Volunteering in your Fisherville, KY community is a good thing; people should do more of it on a regular basis. That said, being charitable doesn’t change the fact that one still needs transportation to get from point A to point B. You’re going to use your car, covered by a personal policy, and it will raise the question where does a consumer cross the line between personal use and liability protection and being part of a non-profit effort or organization? Remember, the private car insurance policy was crafted based on the assumption the driver is traveling for personal use and nothing else. Regular volunteering is definitely not in that risk assumption and could give a provider a reason to deny a claim when the insurer asks for details leading up to the accident or damage.

Occasional volunteering in Fisherville, KY is not the issue. Risk assumption is based on regular, overall usage of the vehicle. Regular, especially daily volunteer travel, however, is a risk impact and needs to be declared. The usage will be written into a policy update and the risk assumption updated accordingly. This will avoid claims being denied later on for lack of clarification or even raising questions of insurance fraud, a grave accusation of dealing with. Don’t put yourself in that position when helping out your community.

Give the experts at TruePoint Insurance a call and explain the details of what your volunteering consists of. We will examine your current policy for what can be changed or find a new policy that meets your needs better. Then, you can get back to helping others instead of putting yourself in a bad spot. Give TruePoint Insurance a call today to find out more.

Kentucky Car Insurance; state auto insurance requirements

Closing insurance gaps

Kentucky Minimum Car Insurance Limits   

 

If you own and operate a car in Kentucky, you are required to meet certain financial standards. State mandated requirements protect other drivers using Kentucky’s roads and highways..
For almost all of us, this means that we must have an auto insurance policy. Kentucky and all other states require car owners to meet or exceeds certain limits.
When considering car insurance, the first thought of many is how to replace or repair their car in the event of an accident. For this, you would need to have collision or comprehensive coverage in place. While this coverage is important, it is not the insurance coverage mandated by the state.
 
Because we live in a no-fault state, Kentucky car owner’s are required to maintain two coverage’s :
 
• Auto Liability Insurance
• No-Fault Car Insurance
 
Liability Insurance
 
If you are involved in an accident and found to be at fault, you can legally be held financially responsible. This is why you buy car insurance! Your auto liability policy protects other drivers. Specifcally it provides coverage for bodily injury and/or property damage that results from your actions.
While you may be held reasonable for the full cost of damages, insurance companies will only pay up to the limits declared in the policy.
What does that mean?
It means that we need to ask what will happen if the cost of damages exceeds our auto liability policy limits. Answering that goes well beyond the abilities of an insurance agent or even a claims adjuster. But it seems logical that an inadequately insured auto owner has opened the door to many potential headaches. Including the possibility of significant financial exposure.
Counting calories? Then ordering the minimum size soda and fry at McDonald’s is a wise decision. Using the same logic with your insurance agent may put you on a course for disaster. Before buying insurance, it is essential that you know the state’s requirements.
Kentucky Auto InsuranceKentucky minimum auto liability insurance requirements are as follows:
• Kentucky motor vehicle liability coverage minimum for bodily injury is unchanged.
     o $25,000 for bodily injury liability coverage per person
     o $50,000 for bodily injury liability coverage per accident
• Kentucky motor vehicle liability coverage minimum for property damages increased 150%.
     o Before 1/1/18, the minimum requirement for auto liability property damage was $10,000
     o Kentucky auto owners are now required to carry at least $25,000 for claims made against them as        result of damaging the property of others
 
 
For years Kentucky Insurance minimums for motor vehicles as:
 25/50/10 
…or…
$25,000 Bodily Injury (BI) per person / $50,000 BI per accident / $10,000 Property Damage (PD)
 

Today, Kentucky Car Insurance state-mandated minimums are:

25/50/25 …or… $25,000 (BI) per person / $50,000 BI per accident / $25,000 (PD)

WARNING! Many sites continue to post Kentucky’s minimum required auto insurance limits that were in effect prior to January 1st, 2018.
 
Before asking an insurance agent for the “Cheapest Car Insurance, you got,” consider the following:
• Cheap car insurance more than likely means you are getting the state-mandated minimums.
• How far will those dollars go if you are the cause of a severe auto accident?
• Settlement cost seldom equal medical cost. Why? For one, pain and suffering. If you want an estimate for total settlement cost, a good rule of thumb is to multiple medical bills by 3. If your negligence was the cause of a car crash and the other party sustained $10,000 in medical expenses you are looking at $30,000 to settle the claim. $5,000 higher than the state minimum!
• How far will $10,000 go in an emergency room today?
• How far will the $50,000 per accident limit go if you hit a car with multiple passengers? What if you are the cause of a multiple car collision or if the other vehicle isn’t a car but rather a bus?
• Kentucky has done a great job by raising the required minimum coverages for property damage. But have you priced a new car lately? Better yet, a new truck? What if you cause damage to property other than an automobile? You may someday depend on your auto insurance to cover damages to a building, utilities, infrastructure, or some other non-auto related properties.
Cheap car insurance can cost you in more ways than you realize. Ever wonder how insurance companies come up with an auto insurance premium for you and your car?
Your premium is the result of a number of factors. Every car insurance companies has their own unique formula. Each aimed at helping them attract clients and make a buck too. What you may find surprising is that many companies will penalize you if your current insurance limits are the state minimums. Never buy the state mandated minimum without first considering the cost of better coverage. It’s likely to be less than you think and it will save you in the long run.
In the end, cheap auto insurance may wind up costing you more than you bargained for. Even if you never have an accident! Consider your options, prepare for the worst and be sure that you find an insurance agent the is willing to spend the time to help you through the process.

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Personal Auto Coverages

Most state financial responsibility laws require proof that you are able to pay for any damage or injury you may cause while driving. Auto insurance is the way that most people comply with these laws. Typically compliance only takes liability insurance at some minimal limit that varies by state. Liability coverages include the following:

Auto Accident, Auto InsuranceBodily Injury Liability – insures against injury that you may cause to other persons. The key is that it involves you being held financially responsible for injuries to other persons because of your driving, your ownership or other use of your vehicle.

Property-Damage Liability – handles damage that you may cause to another person’s property. Again, the coverage only responds when you are financially responsible for such damage and it has to be related to your use or ownership of a vehicle.

Uninsured Motorist Coverage – This coverage typically pays for injury you suffer from an uninsured motorist, underinsured motoristaccident caused by a person who has no insurance; a person who can’t be located (“hit and run drivers”); or a person who has insurance but their insurance company is insolvent.

Important: Payment under this coverage is controlled by various laws that dictate what limit or limits must be sold. In some states, you may have an option to reject the coverage. Typically, the rejection must be in writing.

Underinsured Motorist Coverage – Similar to uninsured motorist, it pays for injuries caused by a driver who is inadequately insured. Example: You are seriously injured by someone carrying a bodily injury limit of $25,000, but your injuries are nearly $50,000. Your Underinsured Motorist Coverage limit is $100,000. In this instance, your policy would pay the difference between $25,000 and $50,000.

 

Kentucky's No-fault Auto insurance systemCars are expensive to buy and repair, providing great reasons for protecting them. If you borrowed money to buy your car, or if you leased the vehicle, the lender or leasing company was likely to make certain that you had coverage to pay for any damage to the vehicle. Below are typical coverages that apply either to the vehicle or to those operating the vehicle:

Collision coverage – This covers damage to your own vehicle that happens when your vehicle runs into another object, such as other vehicles, trees, light poles, mountains, etc.

Other Than Collision coverage – This also covers damage to your own vehicle that is due to sources such as fire, theft, hitting an animal, vandalism, earthquake, flood or hail.

Collision and Other Than Collision coverages are subject to deductibles (the amount a policyowner must pay). They eliminate the need for an insurer having to pay for very minor losses.

Personal Injury Protection or Medical Expense – This coverage typically handles medical expenses for injuries to you, your passengers or people who are “around” you. It may also cover you and your household if you, as a pedestrian or a bicyclist, are struck by an automobile.

Towing and Labor coverage – This coverage is to help pay for your costs to deal with a disabled car. It could help pay for the car to be towed to a service station or for any repair that occurs at the location of the car’s breakdown. Note that this coverage is for labor rather than the costs of car parts. Available coverage is minimal (often $25-$75).

Rental Reimbursement – This coverage reimburses your expense of renting a car as a temporary replacement. The car being replaced must be an insured car that’s unavailable for use because of it being damaged, lost (stolen) or destroyed in a covered loss.

Important: This is merely an introduction to complex policy coverages. Be sure to contact your agent for detailed insurance information.

 

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Insurance Check-Up: Auto Insurance

Kentucky Car Insurance

 

 

As we go about living our lives, insurance seldom crosses our minds. That’s why we buy insurance! Yes, it is. However, what we do and how we live our lives impact our insurance. Getting married, have children, moving are a few examples. There will be no alarm. You will not findcar insurance, buy a car, review your insurance a note on your calendar. There may not even be no insurance agent calling to inform you of the need to review your insurance.

 

There are a few events in life where you will get a friendly reminder to review your insurance. The most obvious; when you buy a new car. Some of you may be thinking that buying a new car shouldn’t trigger an insurance review. The only requirement is that you call your agent and ask them to add your new car to your existing policy. It’s certainly possible that for some, that will suffice. For the rest of us, we are providing an insurance checklist to consider:

 

  • Make sure your new vehicle is added to your policy

 

  • If you traded in a car, you will need to make sure it is removed from your auto insurance policy.

 

  • Your new car may increase your financial exposure if left uncovered. It is important that you review your physical damage coverages, collision and comprehensive. If you didn’t have them on your previous vehicle, you may want to consider it now.

 

  • New Car Replacement Coverage: New cars deprecate red to have comprehensive and collision.

 

  • New Car Replacement Coverage:

New cars depreciate significantly when you drive them off the lot. That depreciation may impact your settlement in the event of a claim. The best way to avoid this is to add a New Car Replacement endorsement added to your auto insurance policy.

 

  • Gap Coverage:

You might find yourself writing a check. If your cars current value is less than the balance on your loan, your insurance may not cover it the difference. You can avoid this nightmare by adding this endorsement.

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Knowledge is King. Be prepared to save money on your next car insurance quote.

Be smart when trying to save money on insurance

When reviewing car insurance quotes, it is critical to consider more than price. Sure price is important. It’s extremely important! But it’s also important to get what you pay for and have protection tailored for your circumstances.
 
Where to Start
 
You should start by considering the major components of an auto insurance policy.
 
Kentucky Auto Insurance
I. Automobile Liability Insurance    is distracted driving covered by car insurance
Liability insurance reimburses others when your vehicle is involved in an At-Fault. Coverage is assigned to the specified vehicle. This means your insurance will pay when you or any authorized driver are behind the wheel. Auto Liability insurance covers injuries and property damage.
`
a. Bodily Injury injuries to other individuals
 
i. per person $25,000 (KY Minimum Limit)
 
ii. each occurrence $50,000 (KY Minimum Limit)
 
Before accepting the state minimum you should ask yourself:
 
· How long will $25,000 last in the Emergency Room?
 
· How far will $50,000 go if you hit a van or bus and injure several people?
 
b. Property Damage reimburses others for damages to vehicles or other property.
 
how much car insurance do i needi. each occurrence $25,000 (KY Minimum Limit)
 
Again, ask yourself:
 
· How many cars did you pass on your way to work today worth more than $25,000?
 
· What will happen if you rear-end someone that leads to chain reaction? What are the chances of $25,000 covering you if your actions total two or three cars? Five cars? Ten?
 
Higher limits are available. Limits may be increased to as high as $250,000/ $500,000 for bodily injury and $100,000 for property damage.
 
If you require higher limits:
A personal umbrella policy is a very cost-effective way to transfer excess risk.
 
II. Personal Injury Protection
or PIP is a product of the No-Fault System. It covers injuries and other related costs for the driver of your vehicle and passengers.
 
i. each occurrence $10,000 (KY Minimum Limit)
 
Higher limits are available
 
III. Physical Damage `
Property Damage coverage for your car
 
a. Collision
covers your car in the event of a collision with another car or object regardless of who is at fault. If you are at fault, collision coverage reimburses for the cost of restoration. However, the coverage comes with a risk-sharing mechanism known as a deductible. In an At-Fault accident, your settlement will be reduced by the amount of your deductible. If you are not at fault you will be reimbursed by either the at fault parties insurance or by your insurance. In either case, when you are not the party at fault you will not be required to pay a deductible.
 
b. Comprehensive coverage   insurance, car insurance
protects your vehicle from risk out of your control. Also referred to as “other than collision,” this coverage protects against Mother Nature. Exposures such as wind, hail, hitting a deer or a falling tree are examples of covered causes of loss. The policy goes beyond covering “Acts of God” by also insuring your car from fire, theft, and vandalism.
 
IV. Uninsured (UIM) and Underinsured Motorist (UNIM)
coverage is also tied to the No-Fault Insurance System. Used in only 21 states, it covers the insured when the AT-Fault Party isn’t insured or doesn’t have enough insurance.
 
UIM and UNIM are optional coverages, that help pay medical bills and/or the cost to repair your vehicle. This coverage is utilized only when the other parties insurance is insufficient. Coverage limits tied to and capped at the same limit as your auto policies liability limit.
 
Do you know the percent of uninsured drivers in Kentucky?
 
 
Over 15% of Kentucky’s drivers are uninsured. It gets worse, as the number of underinsured drivers is significantly more. It is critical that you consider how UIM and UNIM coverages may impact you.
 
V. Other Coverages
Include items such as:
 
Towing
Rental Reimbursement
Loan Gap
New Car Replacement
OEM Endorsement
 
The above list, while secondary, may include coverages important to your auto insurance.  We highly recommend that these, as well as the other car insurance coverages that we have discussed, be reviewed with a licensed insurance professional.
The old adage, ” a penny wise and a pound foolish” must have been first spoken by an insurance agent.  The old English saying proclaims that it is rather foolish to save a penny today when it will cost you a dollar at some point down the road.  Prudent counsel.
Would you expect to receive that kind of advice today?  NO!!  What we get today is more along the lines of naming your own price.  WHAT!!!  Yes don’t bother to worry about managing your risk, just tell us what you want to pay.  Our computer will carve up, water down, and eliminate the coverages this best way it can.  The end result certainly isn’t a tailored insurance policy, but it does come at the price you want.

Automobile Insurance

on target to reducing the cost of insurance. TruePoint Insurance, we are insuringky.comAuto Accident, Auto InsuranceInsurance that provides protection or indemnification against losses to the motor vehicles covered.  The insurance comes in various forms.  The term automobile or auto insurance is most commonly used to describe the mandatory and optional coverages required by each state’s Department of Motor Vehicles (aka DMV.)

The mandatory component, or liability coverage, protects the insured against claims or liabilities that may arise as a result of bodily or property damages where the insured has been found “at fault.”  Auto or car insurance can also be purchased to protect the insured’s automobile in the event of physicals damages.  Physical Damage coverage or PD provides car owners an insurance vehicle that will protect comprehensive risks (such as weather, animals, etc.), collision (“at fault” accident, damage due to striking another object) or both.car warranty is not the same as your personal auto policy

A separate and different form of insurance that at times may be referred to as automobile insurance is a warranty.  New and occasionally used vehicles can be purchased with a limited warranty that provides protection against product defects.

 

 

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Car Insurance Quotes are not a Commodity

on target to reducing the cost of insurance. TruePoint Insurance, we are insuringky.comI’ve heard it said the car insurance quotes are the same, the only thing different is the price.  I don’t think that is true but my thoughts are not important.  You alone should be the one to decide how to insure the risk that is created by owning an automobile.

 

Consider the following questions:

  • Do you know how much liability coverage your current auto insurance policy provides?
  • Do you think having Kentucky car insurance that includes coverage for uninsured or underinsured motorist is important?
  • Is your car insured?

The third question is easy.  If you answered anything other than Yes, then I certainly hope that it is parked.  Unfortunately, there are lots of individuals in Kentucky that are driving cars that do not have insurance coverage in place.  The number is alarming; it is estimated that over 15% of Kentucky cars on the road have no insurance. 

This is a good segway into question two.  If you think that the number of uninsured drivers is alarming, how many underinsured vehicles are on the road.  The answer to that is, potentially everyone.  The state minimum requirements for bodily injury are $25,000 per individual capped at $50,000 if multiple

I’ve heard it said the car insurance quotes are the same, the only thing different is the price.  I don’t think that is true but my thoughts are not important.  You alone should be the one to decide how to insure the risk that is created by owning an automobile.

Before moving consider the following questions:

  • Do you know how much liability coverage your current auto insurance policy provides?
  • Do you think having Kentucky car insurance that includes coverage for uninsured or underinsured motorist is import?
  • Is your car insured?

uninsured motorist, underinsured motoristThe third question is easy.  If you answered anything other than Yes, then I certainly hope that it is parked.  Unfortunately, there are lots of individuals in Kentucky that are driving cars that do not have insurance coverage in place.  The number is alarming; it is estimated that over 15% of Kentucky cars on the road have no insurance. 

This is a good segway into question two.  If you think that number of uninsured drivers is alarming, how many underinsured vehicles are on the road.  The answer to that is, potentially everyone.  The state minimum requirements for bodily injury are $25,000 per individual capped at $50,000 if multipleRising medical cost making car insuance more expensive individuals are injured.  Amounts that will not go very far in today’s health care system.

If you answered NO to the second question, I would suggest you reconsider.  With over 15% of Kentucky drivers not insured and even more underinsured, your current car insuance is just that.  It’s wrong or at least missing a critical component, like the r in insurance.

With that said, I think we have enough information already to say that you the answer to the first question should be YES.  I will close with this, If you don’t know how your auto liability insurance limits or if and to what level your covered in the event your hit by an uninsured or underinsured driver, then you’re not making your own risk management decisions, and it’s most likely because you’re not being given the opportunity.  The risk associated with your home, auto, business or anything else is yours.  Click the link below to learn more about TruePoint’s client-focused approach.  You deserve an agency that values educating as opposed to selling.

Give us a call at (502) 410-5089

or click

www.insuringky.com to learn how you can take control of your personal risk management Today!

 

 

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Perils of Tailgating

High School FootballAutumn is noted for the color and delight found in the changing of the seasons! But change also arrives in the form of the colorful masses that gather and celebrate…..around football stadiums. It happens around high school games on Friday nights and on crisp cool Saturdays around colleges and universities. It happens on Sunday afternoons, Sunday Nights, Monday Nights and all the other times that they squeeze in days and times for professional football. From amateur to professional contests, upwards of 50 million people annually enjoy tailgating.

Tailgating refers to the custom of arriving to games many hours before the scheduled event’s beginning, Tailgating, reducing the risklowering vehicle tailgates and enjoying food, drinks and recreational activities! Tailgating began simply enough with socializing among folks who came to game locations early enough to secure scarce parking. The socialization was enhanced by food and drinks, then the events became more elaborate involving bring your own pitch-ins, barbecues, concerts, recreational sports, etc.

  • Sadly, most activities that involve large crowds are too frequently accompanied by various dangers. Of course, it makes sense to reduce the chance of injury or loss by taking precautions such as the following:
    Avoid using breakable containers for beverages or for any food service items. Dropping items is unavoidable and glass shards can cause serious injuries during a time where getting quick medical assistance can be difficult
  • Carry a well-stocked, comprehensive first aid kit, especially to handle burns, dehydration, sunburns, cuts, and bruises
  • Restrict games and activities to larger, clear areas that minimize the chance of injury to non-participants
  • If games or activities are near high-traffic areas, use spotters, persons situated to warn those passing by such areas.
  • Be very careful with cooking areas, never leave them unattended, keep them away from pedestrians (especially children) and be sure to have safety gear, such as fire extinguishers
  • Keep an eye out for thieves who often target unlocked vehicles for valuables

It is also very important to make sure that you are properly insured to handle possible damage or loss of your property. It is far more important to carry insurance coverage to protect you for injury or loss you may cause to others. Tailgating can be enormous fun, but with great fun comes great responsibility. Protect yourself and others.

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Kentucky No-Fault Auto Insurance System

TruePoint Insurance LogoWhat you should consider when buying Auto Insurance in Kentucky

Sometime between the First and Second World War, Academia developed the concept

of no-fault auto insurance.  Aimed at removing auto claims from the U.S. tort liability system, under a no-fault system, insurance companies could resolve customer claims, Kentucky's No-fault Auto insurance systemregardless of fault.  The theory behind this was that insurance companies would resolve disputes between themselves more efficiently.

For obvious reasons, this never took off.  Over time blended versions of the theory were developed that provided access to the tort system when predefined limits were exceeded.  Under this blended approach, no-fault insurance began to get positive support for the states.  So much so, that at one point almost half of the states had developed and instituted a no-fault system.

Of the twenty-four states that put a no-fault system in place, only twelve remain in place.  The states that continue to have a no-fault system are; Florida, Hawaii, Kansas, Kentucky, Massachusetts, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, and Utah.

What Kentuckians need to know about no-fault insurance

You may have heard of PIP, or Personal Injury Protection Coverage.  By law, all Kentuckians are required to have a minimum of $10,000 PIP Coverage on motor vehicles (motorcycles are excluded.)  Often referred to as Basic PIP Coverage, this can be used for medical and other related costs for injuries sustained by individuals in the insured car, regardless of who is at fault.

Kentucky drivers by default, forgo tort rights as related to damages that occur while Return to TruePoint Home Pageoperating automobiles until certain minimums have been met.  While motorcycles operators and passengers are excluded from the PIP, it is optional.  Although PIP is optional, motorcycle operators should seriously consider carrying the optional Basic PIP Coverage.  Otherwise, they may find themselves in the difficult position of having no coverage and no rights to sue for damages as, by default, they have accepted the states standard tort limits.

 

Feel free to give us a call if you have additional questions related to Kentucky’s No-Fault Automobile Liability System.