They call them accidents for a reason. No one intends for them to happen. When they do, the costs can be significant. TrustedChoice.com reports that traffic accidents result in annual losses of $299.5 billion. If there are critical injuries, the costs can jump into the millions. What No Fault Really MeansTwelve states, including Michigan, have enacted “No Fault” auto insurance laws. Michigan’s is among the most comprehensive, but the concept of no-fault insurance can be misleading.