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The staggering costs of auto accidents

A recent study released by the National Highway Traffic Safety Administration highlighted a staggering number that many drivers may take for granted. Essentially, researchers found that cost of auto accidents across the United States costs nearly $1 trillion per year when considering the costs of medical expenses, lost wages, property damage and decreased quality of life for those who suffer long term injuries.

While the numbers may be mind-boggling, the contributors to car accidents are fairly common. The key contributors were excessive speed, intoxication and distractions. 

Speeding drivers were the most culpable; contributing to 21 percent of accident costs. Drunk drivers were the next most responsible group, with 20 percent of all accident costs attributable. Meanwhile, distracted drivers were responsible for 17 percent of such costs.

So the next time you take issue about the rising costs of insurance, the NHTSA study should put things in perspective. This also means that the costs involved in an accident, whether it be pain and suffering, lost wages or rehabilitation expenses are very real costs that people of normal means to not have the income to absorb them.  This is also the reason behind legal mandates that all drivers in New Jersey have auto insurance, even though the insurance carried may not pay for all the costs an injured person incurs.  

So if you are injured in a crash, and have questions about how your expenses will be paid an experienced personal injury attorney can help you.

The preceding is not legal advice. 

Source: Latimes.com, “Economic impact of traffic accidents about $1 trillion each year,” Jerry Hirsch, May 29, 2014

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