The Financial Impact of Car Accidents
Posted Friday, April 17, 2020 by Chris Thayer
In 2016 alone, there were 6.2 million car accidents officially reported in which 2.4 million people were injured, and over 37,000 victims died. The financial impact of car accidents throughout the United States is staggering, and can financially devastate a car accident victim.
*$871 Billion Dollars *Along with personal injuries and loss of life, the National Highway Traffic Safety Administration (NHTSA) determined that the economic impact of car accidents every year in America totaled $871 billion dollars. This aggregate amount was broken down into the following categories:
- $57.6 billion lost productivity due to loss of work or household chores and activities
- $76 billion in property damage
- $23.3 billion related to medical costs
- $10.9 billion in legal costs
- $1 billion in emergent services
- $20.5 billion in insurance costs
Additional factors such as traffic congestion following an accident, or the loss of actual wages to workers are added to these amounts to total the eye-popping sum of $871 billion dollars per year.
*Car Accidents With the Highest Economic Impact*While every car accident will ultimately have an economic cost associated with it, the following car accidents have been shown statistically to have the greatest economic impact on an individual and society.
- Alcohol-Related Crashes. Over 10,000 victims died in 2016 due to drunk driving accidents, which accounts for nearly one-third of all car accidents. Estimates suggest that drunk driving accidents cost the nation $49 billion per year.
- Speeding. According to the NHTSA, another 10,000 victims died due to drivers’ failing to obey the speed limit regulations. Speeding accidents actually cost the nation over $40 billion per year.
- Driver Fatigue. An AAA Traffic Safety Foundation research study showed a shocking 37% of all drivers have actually admitted to falling asleep behind the wheel. It is likely this number is actually much higher. Over 21% of all car accidents that result in a fatality are related to driver fatigue.
- Distracted Driving. The NHTSA looked seriously at “distraction-affected crashes” which involves all types of distraction, but most specifically the use of cell phones to either talk or text while driving. Over 660,000 people drive while distracted every day and ultimately cost the economy of our nation $46 billion per year.
- Pedestrian and Bicyclist-Related Crashes. While not nearly as high as other accidents listed above, both pedestrian and bicyclist-related crashes actually cost the nation $19 billion.
*Contact an Experienced Personal Injury Attorney *If you or a loved one was involved in a car accident, the national statistics regarding the financial impact of a car accident will hit close to home. You will likely suffer the medical bills, lost wages, and pain and suffering described above. If you, or a loved one, suffered injuries or death related to a car accident, contact an experienced car accident attorney at the Pivotal Law Group at 206-340-2008. We can help you understand your legal rights, and how you attempt to receive compensation to pay for your injuries and damages from those who were negligent in your car accident. We proudly serve the Seattle, Bellevue, Kent, Renton, Burien, Mercer Island, and Issaquah areas.