The amount of money a car accident costs depends on several factors, including the severity of the injuries and property damage involved. There are also costs beyond the more obvious ones for medical treatment and property damage. When accidents occur, and particularly when people are injured or killed, it creates costs like lost workplace productivity, lost household services, legal expenses, and other costs.
If you have been hurt in a car accident, turn to the Law Offices of Micahel J. Gopin, PLLC. Our El Paso accident attorneys have more than 30 years of combined experience fighting for the rights of car accident victims. We want to help you pursue the compensation you need for your injuries and losses. Call us today for your free initial case review.
Cost of Vehicle Collisions Each Year
According to a study by the National Highway Traffic Safety Administration (NHTSA), roadway incidents cost Americans $340 billion in one recent year. That’s equivalent to $4,140 for a family of four. However, the number doesn’t account for other costs related to car crashes, such as diminished quality of life and similar losses. Including these factors increases the annual cost to $1.4 trillion.
The NHTSA released a report of all factors considered in the study and the costs to Americans each year. They include:
- Medical expenses – $31 billion
- Lost market and household productivity – $106 billion
- Property damage – $115 billion
- Traffic congestion from crashes, including excess fuel consumption, greenhouse gases, travel delay, and criteria pollutants – $36 billion
The report also shows the number of traffic-related deaths was lower than the analysis from a decade earlier, a trend that has recently reversed course and reached record highs, according to the NHTSA. Still, the 36,500 fatalities included in the report accounted for $1.6 million in economic costs for each person.
Non-Financial Costs of Accidents
Unfortunately, car accidents cause other consequences besides financial strain. Medical bills can be expensive, but an insurance claim can lead to a settlement covering those costs. However, compensating someone for their physical and emotional suffering is challenging.
Diminished or lost quality of life, physical pain and suffering, emotional distress, and other non-economic losses can significantly affect someone after a car crash. Dealing with chronic pain, post-traumatic stress disorder (PTSD), and other physical or psychological issues can have long-term consequences. An experienced car accident lawyer can also help fight for fair compensation that covers these non-financial losses.
Involved in an Accident? Michael Gopin Can Help
Car accidents are costly in terms of money and the damage they do to people’s lives. Many accidents are preventable, but other drivers may act carelessly and wreck into you. If you have been hurt in a collision, a car crash attorney from the Law Offices of Michael J. Gopin, PLLC can help pursue the compensation you deserve.
Call or contact us online for a free consultation with an experienced car accident lawyer in El Paso if you sustained injuries in a car crash due to someone else’s negligence.
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