When it comes to lost lives and debilitating injuries, many people recognize how serious motor vehicle collisions are. However, these crashes bring other consequences, such as significant financial repercussions. In fact, the financial impact of a motor vehicle crash often impacts the lives of multiple people, including those who were not even involved in the accident (such as family members).
Every day, many people are seriously hurt when they are involved in a road collision and it is crucial for drivers to realize the economic toll of these wrecks.
Statistics on the cost of motor vehicle crashes
According to the Centers for Disease Control and Prevention, the economic toll of motor vehicle crashes surpassed $75 billion in the United States during 2017. There are a number of ways in which traffic accidents have serious financial repercussions, from lost productivity to medical treatment. For example, many motor vehicle wreck victims are unable to work because of their injuries, sometimes for the rest of their lives. Furthermore, these accidents often necessitate very costly medical treatment, whether someone incurs significant medical expenses in an emergency room or they require long-term care.
The prevalence of motor vehicle collisions
During 2015, over 2.5 million people were sent to emergency rooms across the U.S. because of injuries sustained in traffic collisions. On average, over 100 lives were lost every day in 2015 because of accidents on the road. The physical complications that result from these accidents, as well as the financial burdens that come with motor vehicle collisions, often make the recovery process extremely challenging for victims.