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The Billions of Damages Caused by Car Accident – Compensation Law Firm

The Billions of Damages Caused by Car Accident - Compensation Law Firm 2
Bad wreck
San Bernardino car accident

August 25, 2014 – The National Highway Traffic Safety Administration (NHTSA) says that car accidents cost the United States $871 billion a year.

“Most people think of car accidents in terms of the physical harm done,” remarked Michael Smith, an Arkansas injury lawyer, “but few think of the financial cost beyond their own involvement.”

The latest study released by the NHTSA is revealing. It claims that nationally, car crashes carry a $277 billion annual price tag in cash. Thus, crashes do approximately $594 billion of societal damage. So this includes things related to loss of life and life-altering crash injuries.

Distracted Driving Causes Most Vehicle Wrecks

The most common causes of vehicle wrecks are distracted driving. Also, speeding and driving under the influence of alcohol cause many deaths. More serious accidents exponentially increase the number of medical benefits and other funds to which a plaintiff may be entitled, provided he or she consults with knowledgeable legal counsel.

NHTSA Says 21% of Car Accidents Caused By Speeders

The NHTSA determined that 21 percent of the overall loss results from speeding drivers causing accidents: approximately $210 billion each year. DUI accidents account for 18 percent of the overall economic loss, at more than $49 billion. Distracted drivers rack up $129 billion in harm.

“The implications go far beyond the impact itself,” added Smith. “The wreck you see is just the beginning. The financial ripples caused by that accident spread further than anyone might expect.”

Currently, it is not possible to eliminate every collision risk or alter human behavior. Accidents will happen, so it is most important to know how to respond. To obtain compensation for an accident, speak to an experienced personal injury lawyer. Do not deal with an insurance company alone; most insurance carriers will try to reduce or deny any claim.

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