Get this: the National Highway Traffic Safety Administration (NHTSA) notes that motor vehicle accidents cost approximately $1 trillion in loss of life and loss of productivity in 2010.
Who Pays for Accidents?
The Rocky Mountain Insurance Information Association shares a variety of information pertaining to the cost of motor vehicle accidents, including who is responsible for paying.
The association notes the following:
- Private insurance companies pay approximately 50 percent of all costs associated with motor vehicle accidents.
- Individual crash victims pay roughly 26 percent.
- Third parties, such as health care providers, pay 14 percent.
While the people involved in an accident are sure to be impacted, the NHTSA makes it clear that it does not stop there. Those who are indirectly involved pay for nearly 75 percent of crash costs, mainly through travel delays, taxes, and of course, the increase of insurance premiums.
What can you do?
As the driver of a motor vehicle, the most important thing you can do is avoid an accident at all costs. When you prevent trouble on the roadway, you are removing yourself from the potential of being injured or killed. Furthermore, you avoid the financial costs associated with an accident.
If you are involved in an accident, it is important to first seek medical care. From there, consult with your insurance company on what to do next. Finally, you may want to speak with a personal injury attorney about your situation. This could be the difference between receiving the compensation you deserve and coming up empty.
Motor vehicle accidents occur every day in every state. From injuries to fatalities to medical bills, the cost of each accident varies. One thing that doesn’t vary, however, is the fact these accidents come at a price.
- How Estate Planning for a Family May Trap the Unwary Practitioner - September 21, 2022
- What Everyone Should Know about the New FDIC Regulations - September 13, 2022
- The Inflation Reduction Act - September 8, 2022