The Financial Impact of Car Accidents

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In one year alone, the United States experienced 6.2 million car accidents which resulted in the injuries of over 2.4 million people and over 37,000 deaths. Shockingly, the average number of people that die every day in a car accident in the United States is 100, or one death every 15 seconds. Additionally, the number of injuries and fatalities accompany staggering financial losses as well. Learn more about the true financial impact of car accidents in the United States.

National Highway Traffic Safety Administration

The National Highway Traffic Safety Administration (NHTSA) research shows that in one year alone the cost of car accidents totals $871 billion dollars. This number breaks down to the following:

  • Productivity losses: $57.6 billion
  • Property damage: $76 billion
  • Medical Costs: $23.3 billion
  • Legal Costs: $10.9 billion
  • Emergency Responder Services: $1 billion
  • Insurance Costs: $20.5 billion

Types of Car Accidents That Cause the Most Financial Impact

Some car accidents in the United States cause more financial devastation than others. Some of the most expensive types of car accidents include the following:

  • Drunk Driving. One-third of all fatalities involving car accidents include a drunk driver. Additionally, alcohol-related car accidents cost $49 billion per year.
  • These accidents cost over $40 billion per year.
  • Drowsy Driving. Research from the AAA Traffic Safety Foundation indicated nearly 37% of all drivers admitted to falling asleep while driving.
  • Distracted Driving. Texting while driving along with other distracted driving caused nearly 400,000 injuries per year and killed almost 3,500 people according to the NHTSA, costing a total of $46 billion per year.
  • Pedestrian and Bicycles. These types of accidents are far rarer, but still cost the United States an aggregate total of $19 billion.

Costs for Victims of Car Accidents

Victims of serious car accidents often face serious injuries resulting in an astronomical financial impact on their personal finances. Consider the following:

  • Medical Cost. Millions of people need emergency medical treatment after a car accident due to suffering serious injuries including traumatic brain injuries, spine and neck injuries, fractured and broken bones, and back injuries. Many victims will need to have extensive physical therapy or even life-long medical treatments.
  • Property Costs. Victims often have significant damage to vehicles and to property inside the vehicle.
  • Lost Wages. Victims suffering from injuries have an inability to return to work resulting in the loss of wages, and possible loss of future wages.
  • Increased Insurance Rates. The average price increase of car insurance premiums after an accident is 40%.

Contact an Experienced Car Accident Attorney Today

If you have suffered any kind of injury or losses, and feel financially overwhelmed following a car accident, contact an experienced Milwaukee auto accident lawyer at Groth Law Firm, S.C. at (414) 768-2727 for a free consultation. Learn how we can help you with your case to receive the compensation you deserve.

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