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Calculating the extensive overall cost of auto accidents

On Behalf of | Jun 19, 2023 | Motor Vehicle Accidents

Massachusetts auto accidents exact a significant cost on the people involved. This includes injuries, treatment, property damage, a negative impact on their personal life and obstacles moving forward professionally. In addition, the true overall cost of a crash is greater than most realize.

Report details the overall financial ramifications of an auto accident

The National Highway Traffic Safety Administration released a report about auto accidents and how much Americans paid because of them. The numbers are for 2019. In that year, auto crashes cost $340 billion.

As part of its analysis, the causes of the accidents were factored in. It found that alcohol use before driving injured nearly a half-million people, killed more than 14,000, and led to economic costs of almost $69 billion.

A relatively new phenomenon that is getting substantially worse is distracted driving. This cost close to $100 billion in economic loss, killed more than 10,500 people and injured an estimated 1.3 million.

Speeding is a longstanding issue on the roads and contributes greatly to motor vehicle accidents. This was the catalyst for close to 10,200 deaths, 498,000 injuries and $46 billion in economic costs.

Individual and societal costs of auto accidents can be extensive

Even those who were not in an accident face economic implications. For every person in the United States, auto accidents cost $1,035 each, whether they or a loved one were involved or not. As this information shows, the true financial consequences of an accident are not fully known in its immediate aftermath.

Calculating the costs in every way can be difficult. Just as the NHTSA concluded, people who were in an accident should do the same to gauge what a fair level of compensation would be for all that was lost.