According to an article from Green Car Reports, more than 1.2 billion vehicles are in service across the globe, with estimates expected to be closer to 2.0 billion vehicles by 2035. With the rising number of vehicles sharing the roadways, there is an increased level of congestion, along with a heightened risk of being involved in a car accident.
Each year, tens of thousands of people are killed and millions are injured in vehicle-related accidents. In 2013, the National Highway Traffic Safety Administration (NHTSA) reported 32,719 vehicle-related fatalities and 2.31 million vehicle-related injuries in the United States alone.
Now, not all drivers or passengers will be involved an accident during the course of their life. However, the high cost of car accident injuries affects every single American, and our society at large.
In May 2015, the NHTSA updated its analysis of “The Economic and Societal Impact of Motor Vehicle Crashes, 2010,” which details the substantial cost of car accidents to society. Per the study, overall costs associated with motor vehicle accidents are close to $871 billion. The approximately $242 billion in economic costs include expenses related to:
When you divide these costs equally among the 308.7 million people residing in the United States, the cost of car accidents comes out to $784 per person. It also accounts for 1.6 percent of the U.S. Gross Domestic Product for the year reported, 2010. As public revenues paid for nearly seven percent of costs related to motor vehicle fatalities in 2010, it was as if tax-paying households each covered the equivalent of $156 in additional taxes.
In total, due to workplace losses, lowered household productivity and legal costs associated with car accident injuries, the lifetime economic cost of vehicle-related fatalities to our society is in the range of $1.4 million per fatality.
The remaining $594 billion out of the $871 billion in costs related to injuries from car accidents and other motor vehicle collisions is for harm caused as a result of loss of life, loss of companionship and a diminished quality of life. According to NHTSA estimates, the crash cost per injured victim (even calculating in a three to four percent discounted rate) depends on the severity of injuries and ranges between:
When a fatality occurred, crash costs were about $11,317 for medical costs, $933,262 for lost earnings and $289,910 for loss of household productivity.
Victims of car accidents can expect to have costs and damages which may include:
If you or someone you love has been seriously injured in a car accident, we can help. Our attorneys have more than 30 years combined legal experience, so we understand the societal and personal costs associated with vehicle-related collisions. We have successfully represented countless accident victims and their families, and are committed to working diligently to help you get your life back on track as well.