The statistics are harrowing. Over 6.2 million car accidents were officially reported to law enforcement in 2016 and as a result, 2.4 million people suffered injuries, and 37,000 people suffered fatalities. Approximately 100 people die in car accidents every day, which is one person every 15 seconds. While the loss of life and injuries are overwhelming, the financial impact of car accidents in the United States are staggering.
Financial Impact
The National Highway Traffic Safety Administration (NHTSA), reports that car accidents account for $871 billion dollars in losses every year. This includes $57.6 billion in productivity losses, $76 billion in physical property losses, $23.3 billion in medical bills, $10.9 billion in legal costs, $1 billion in responding emergency services, and $20.5 billion in insurance costs.
Car Accidents Causing the Greatest Financial Impact
Car accidents caused by the following have the greatest financial impact in the United States:
- Alcohol-Related Crashes
- Speeding
- Fatigue
- Distracted Driving
- Pedestrian and Bicyclist-Related Crashes
Medical Bills
The most common types of injuries after a car accident are traumatic brain injuries, spinal cord injuries, broken and fractured bones, and neck and back injuries. As expected, medical bills accumulate quickly due to emergency room visits, doctors’ office visits, diagnostic imaging, medical treatments, surgeries, prescriptions, physical therapy, rehabilitation, and mental health therapy following an accident. The NHTSA reports that $23.3 billion occurs in medical costs due to car accidents every year.
Lost Wages
Additionally, victims that suffer serious injuries may also unable to return to work as a result of those injuries. Companies lose productivity costs, and workers lose their wages along with any bonuses, possibilities for promotions, contributions to employee benefit plans such as retirement plans, and more. If a victim does not have any vacation or sick leave available to them, they may not have any income for a considerable amount of time. In some cases, trauma injuries are so severe that victims are never able to return to work due to their injuries.
Increased Insurance Rates
One aspect that is rarely discussed regarding car accidents, is the increased insurance rates for victims of car accidents. In many cases, insurance companies will increase car insurance premiums for all drivers involved in a car accident, including the victim. Research shows that the average price increase of an insurance premium after an accident is 40%.
Contact an Experienced Attorney
While all of these statistics are looking at the United States as a whole, if you suffered injuries and losses as a result of a car accident, you may be facing substantial medical bills, property losses, lost wages, and increased insurance rates all leading to a devastating financial outlook. If you suffered injuries in a car accident as a result of someone else’s negligence, you have the right to receive compensation for your injuries and losses. Let us help you with your personal injury case. Contact an experienced personal injury attorney at Griggs Injury Law at (816) 474-0202 today.
