Financial Responsibility for Automobile Accidents

Compulsory security for the establishment of financial responsibility for automobile accidents would be merely a palliative for the evil it is designed to remedy; for no money indemnity can really compensate for loss of life or limb. Auto insurance quotes comparison made easy! Enter your zip above to get a quote.

The Committee of Nine was organized to study the question of Financial Responsibility for Automobile Accidents. It was comprised of recognized leaders in the insurance field and expresses the consensus of opinion among members of the insurance profession. The entire report is printed in a 35 page pamphlet which may be obtained from the Committee at No. 1 Park Ave., New York City. Only selected parts of the report are given here.

The specific evil sought to be palliated is that often persons entitled to damages for injuries in automobile accidents are unable to collect because of the financial irresponsibility of the owners or operators of the automobiles at fault. Manifestly this is a consequence of a far greater and more fundamental evil, which is that accidents occur in the operation of automobiles through the faults of the operators.

A reduction of this fundamental evil would proportionately remedy—and not merely palliate—the secondary evil for which compulsory security is proposed as a remedy. Common sense, therefore, dictates that it is against this root evil that remedial efforts should be concentrated.

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