The trial court found that there is a potential for a diminution in value loss in every event of loss, and that diminution in value can occur even when a vehicle is repaired properly. Readers are encouraged to consult specialists in these fields who have an understanding of legal and insurance issues on a local, state, and national level. Let's look at the main kinds of cover and attempt to throw a little light on the subject. Many people choose not to purchase long term care insurance frankly because its not an insurance everyone needs. No one ever wants to become so sick or disabled that they cannot manage to take care of themselves. They are equipped the same, have equal mileage, and equivalent wear. Florida no fault insurance is intended to reduce the cost of auto insurance by taking small claims out of court. If this is the case, then you may need minimal personal injury protection or none at all. Kentucky, New Jersey, and Pennsylvania use the choice no fault system. It could be that the cost of lost wages and medical bills may be recovered through an existing health insurance policy. Many websites and advocates of insurance (to include myself) recommend having a minimum of $100,000 for bodily injury protection per person and at least $300,000 for property damage costs and physical injury costs. How much of a reduction would it take to make you want the repaired car over the undamaged one? Figure that out and you will have determined the amount of diminished value that particular car suffered because of its damage history. As thresholds change, so will the process of settling insurance claims. Whatever your circumstances however, you need to research it carefully so that you can rest easy knowing that you are safely covered. Still, you will have to substantiate your loss and will need the services of an expert to do that for you. For example, in Alaska, a driver is required to carry coverage that has a guaranteed minimum bodily injury payout of $100,000. You cant just visit your local life insurance agency, fill out some papers, and sign on the dotted line. If this is the case, then you may need minimal personal injury protection or none at all. They may also require that before you attempt to sue for damages, you meet with the person who was at fault. For example, in Alaska, a driver is required to carry coverage that has a guaranteed minimum bodily injury payout of $100,000. Whatever your circumstances however, you need to research it carefully so that you can rest easy knowing that you are safely covered. In states that use the no fault insurance system of auto insurance, each insurer pays its own policyholders for minor injuries regardless of who was at fault in the accident. For example, a diabetic cant change his insulin and sugar levels without medication. What is more, Meg's roommate would also be covered under the no fault system if she sustained injuries. These days, however, working from home carries a certain clout that it didnt carry years ago; thats because people arent just working from home anymore. Have there been any family members who have ended up needing long term care? For what reason, and for how long, did they need the long term care? How did they pay for the long term care? Use these answers to help determine whether or not long term care insurance is right for you. While the term, diminished value, may be a relatively new one to consumers, insurers are well aware of its existence, having paid claims to both insureds and claimants for more than eighty years. However, by eating healthy foods, effectively managing stress, and exercising your body, you arent just keeping yourself healthy; youre also making an effort to obtain a lower cost life insurance policy than someone who stuffs himself with junk food, is constantly stressed out, and considers exercise to be the stroll from his elevator to his office. Diminished value, like other elements of loss, is owed as of the date it actually occurred, not at some far-off unidentifiable point in the future. So there we have it, whether you require PIP and at what level, depends on several factors: where you live, your driving habits, your employment, your health, your personal circumstances and your level of existing cover.