DISRUPTED LIVES HOLD LINE ON INFLATION

In the Year of Our Lord 1973, the average price of a gallon of gas was 40 cents, having nearly doubled in price since 1970. The average cost of a new house was $32,500, a new American Motors Javelin cost $2,900, and the Dow Jones Industrial Average closed the year at 850. Average monthly rent was $175, and an average yearly wage was $12,900. Popular movies included Jesus Christ Superstar and Last Tango in Paris. The World Trade Center became the world's tallest building. There were no personal computers or cell phones.

In addition, here in Michigan, 1973 introduced the no-fault auto insurance system we still have with us. We must all insure our vehicles as a condition of operating them on the roads of this state. We must provide coverage for ourselves for wage loss, medical expenses and collision damage, caused by an auto accident, no matter whose fault it was. Collision coverage is not mandatory, however, which is often a bit of bad news for the innocent accident victim. Buying full collision coverage on an old car is often a poor bargain, but the negligent driver who caused the accident is not liable for the cost of repair to the victim's car beyond the possible maximum and princely sum, of $500. That part of the insurance scheme is often hard to explain to Mr. and Mrs. John Q. Public, who no longer have a car to go to work, through no fault of their own.

In such cases Mr. or Mrs. John Q may ask an attorney: "Do you mean to tell me, that guy ran a red light, hit me, hurt me badly, destroyed my car, and nothing happens?" It is then that the attorney responds: "No, that is not true. If this man hurt you very, very badly, the Michigan No-fault law requires that he have insurance that might sometime, possibly, but probably won't provide you with much, if any, protection if your life is disrupted by your injuries."