Jocco, I started an answer but it got so long winded I couldnt even understand it myself so I just quit. In a nutshell it was supposed to reduce insurance costs by saving the expensive litigation fees. Your insurer paid your claim REGARDLESS of fault and you didnt go to Court to litigate the matter. If you caused the accident your insurance company will raise your rates (high risk) but if you were the innocent victim (your insurer still pays your damages) that wouldnt be the norm. Its the same reason our Courts went to no fault divorce, they didnt wanna hear n have to decide all that he said she said crap lol it saves expensive litigation and time
Tell you what, Im sure there are insurance men here and they can answer this far better then I can its NOT an area I practice in. Like I used to tell my kids I JUST DONT KNOW EVERYTHING LOL
If you Google it (or try Wikipedia, although its NOT always right at all, just opinions) you can get better explanations then I can provide.
Sorry, John T BSEE, JD (But NOT an insurance lawyer)
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