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The many costs of automobile accidents

South Carolina drivers might not realize the various costs associated with traffic accidents. In 2010 alone, the economic ramifications of United States traffic accidents amounted to an estimated $1 trillion, according to the National Highway Traffic Safety Administration. Factored into that number are the loss of productivity and the loss of life attributed to traffic accidents.

Based on the Insurance Research Council's Auto Injury Insurance Claims Study, the average auto liability claim for property damage in 2012 was more than $3,000, and the average bodily injury claim was more than $14,500. Authorities estimate that private insurance companies cover approximately 50 percent of the direct costs of motor vehicle accidents. Individual accident victims cover about 26 percent.

However, the full cost of any given accident does not reveal itself directly nor in the immediate aftermath of the wreck. In fact, the majority of the economic ramifications related to a car crash manifest by way of taxes, insurance premiums and lost man-hours due to traffic delays, all of which are paid by people who were not involved in the crash, authorities state.

Therefore, an increasing prevalence of automobile accidents can be considered an economic issue for America. While statistics indicate that, nationwide, a crash occurs every 14 seconds, the NHTSA estimates that the number of unreported accidents each year may exceed 10 million.

These statistics show that the costs connected with motor vehicle accidents are multiplex. In other words, the damages that motorists suffer due to accidents are not merely emotional and physical but financial as well. However, victims in auto accidents may seek compensation for the pecuniary damages they suffered via civil action. By retaining a personal injury lawyer and filing suit, accident victims might be awarded restitution for medical expenses, the costs associated with vehicular repairs and even lost wages.

Source: Rocky Mountain Insurance Information Association, "Cost of Auto Crashes & Statistics", September 29, 2014

Philpot Law Firm, PA
115 Broadus Ave.
Greenville, SC 29601

Toll Free: 866-853-3497
Toll Free: 866-853-3497
Phone: 864-990-0226
Phone: 864-990-0226
Fax: 864-242-1566
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