car accidents

Police arrested a 24-year-old woman for vehicular assault and suspicion of DUI after a late-night multi-car crash at the busy intersection of I-5 and 512. An investigation found she was driving her BMW westbound on 512 before slamming into a Kia that was turning left. The Kia then slammed into a Chevy Trailblazer. There were multiple injuries, including a broken leg for one of the drivers hit. The speed and force of the car accident totaled all three cars.

How Much Does a Car Accident Cost?

One of the first questions anyone asks after an accident is how much will this accident cost? Between car repairs, medical bills, lost wages, and other factors, the number of expenses typically result in a hefty bill.  Sadly, there’s no price tag on pain, suffering, or the life of a loved one.

Studies have shown that motor vehicle collisions cost private citizens millions, even billions of dollars every year.  This includes loss of productivity and livelihood.  The National Highway Traffic Safety Administration (NHTSA) stated that the collective loss for productivity and loss of life resulting from motor vehicle crashes in 2010 is well over $1 TRILLION dollars.  See more on car accident costs here.

Value of Productivity, Lost Wages, Pain and Suffering

That is a very high economic and societal impact from motor vehicle crashes, especially when a vast number of them were preventable.  In the 2010 study of these crashes, as reported by the Annals of Emergency Medicine in August 2015, they outline a breakdown in dollars for capitalized losses due to auto accidents. The numbers are staggering. Not only in terms of the loss of life, but also how fast the dollar amounts increase when you look at each person’s productivity, services provided on their behalf, and repair or replacement of property.

Lost wages totaled $57.6 Billion dollars. Lost household productivity totaled $19.7 Billion dollars. Property damages accounted for $76.1 Billion dollars.  Crashes that did not involve a loss of wages or livelihood still added up to $71.5 Billion dollars in costs.

Of the nearly 4 million people who were injured in some 13.6 million motor vehicle crashes in 2010, 32,999 deaths occurred. In an assessment of a lifetime of potential economic costs to society, each fatality is attached a value of $1.4 million dollars. For non-fatal accidents with the worst injuries, costs were an average of $1 million, per accident. This may be shocking to many, but it’s been a cold reality for many of the victims of these accidents.  https://www.nhtsa.gov/sites/nhtsa.dot.gov/files/2015sae-blincoe-costs_of_crashes2010.pdf

Who Pays for What?

Auto accidents are expensive. Have you ever thought about what a single car accident can cost you? Who is out of pocket for what costs? Most of us don’t give a second thought to questions like these unless we’ve been in an accident ourselves. Regardless, it’s something we should all be aware of, because our pocketbooks are all effected by the costs of motor vehicle crashes.

https://www.nhtsa.gov/sites/nhtsa.dot.gov/files/2015sae-blincoe-costs_of_crashes2010.pdf

Private insurers pay approximately 50% of all motor vehicle crash costs. Individual crash victims pay about 26%, while third parties such as uninvolved motorists delayed in traffic, charities and health care providers pay about 14%. Federal revenues account for 6%, while state and local municipalities pick up about 3%. Overall, those not directly involved in crashes pay for nearly three-quarters of all crash costs, primarily through insurance premiums, taxes and travel delay. http://www.rmiia.org/auto/traffic_safety/Cost_of_crashes.asp

Click it: Seatbelts are Lifesavers

There is a silver lining in the crash studies. On average, 85-90% of motorists wear their seatbelts–and we know that buckling up SAVES LIVES.

 

The report also gives a dollar value to safety actions, like obeying speed limits, not driving under the influence, and using the vehicle’s safety restraint system. Not only did they save lives, seatbelts saved an estimated $50 Billion in medical care, lost productivity, and other crash-related costs. In 2010, some 12,500 lives were saved by wearing seatbelts and 308,000 injuries prevented.

And the most important savings from wearing seatbelts is simply LIFE.

 

Remember: “None” for the Road

We’ve all heard about the risks of drunk driving. But with cultural trends, there are additional risks that can impair a driving abilities such as prescription abuse, some OTC, and recreational drugs, marijuana, and inhalants.

If there hadn’t been auto accidents as a direct result from one or more motorists driving under the influence, 13,323 more people would be alive today; as well as 430,000 fewer suffering from nonfatal injuries, for a total savings of $52.5 BILLION dollars in crash-related expenses. That’s just for 2010. Add that on to the subsequent years, and there would be tens of thousands more survivors than casualties.

These stats should encourage anyone who has ever been reckless in their alcohol consumption before driving to think again!

Source: NHTSA

Accidents resulting from a driver under the influence of alcohol, increased the damages and costs of each accident by 14%, 17% in nonfatal injuries, and 48% of fatal injury crash numbers. Bottom-line:  Alcohol-related accidents cost $236 Billion in comprehensive costs in 2010 alone!    http://www.annemergmed.com/article/S0196-0644(15)00511-9/fulltext

Auto Accidents are Costly

If you or a loved one has been involved in a motor vehicle collision due to the negligence of another, contact Fielding Law Group today for help getting the monetary compensation and legal representation you are entitled to. Don’t let an accident WRECK YOU!

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