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Car accidents cause nearly $1 trillion in U.S. losses in 2010


As most Oklahomans know, car crashes can happen anytime and anywhere. The first question in the minds of those who respond to a crash is, how devastating is this crash? Will they find no one injured or will there be many fatalities? How much physical destruction of vehicles and property will there be?

For people who sustain the most serious injuries in car accidents, medical treatment, therapy and rehabilitation usually lay ahead. If people were killed, most family members will not only wonder what happened but also be worried about the financial future, especially if their loved one was the family breadwinner.

Obviously, car accidents affect many more than those directly involved. In fact, there is a ripple effect from every accident. When examined at the national level, the losses are horrendous. The latest data from the National Highway Traffic Safety Administration shows that car accidents resulted in nearly $1 trillion in lost life and productivity in 2010. The total number of people killed and injured in 2012 rose by 3 percent and 7 percent, respectively (to 33,561 killed and 2,362,000 injured in 2012). That same year, the average auto liability claim was $14,653 and the estimated property damage claim $3,073. The trends from these numbers shows that the total economic damage from car accidents is rising.

Private insurers pay half of all costs, and individuals pay an estimated 26 percent. The remaining costs are shouldered by third parties and government at all levels. Compensation thus plays an important role in the aftermath of most car accidents. Without it, injured parties would face staggering arrays of expenses themselves, everything from medical costs to lost income. To avoid having the losses incurred from car accidents add further to the injuries to victims, legal remedies are available to victims to help bring compensation.

Source: Rmiia.org, "Cost of Auto Crashes & Statistics," Accessed on Oct. 20, 2014Post Type: topical

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