Car Accidents Cost Approximately $1 Trillion Per Year

Approximately $277 billion has been reported to be the annual actual cost of auto accidents. It is estimated that $594 million was the cost of loss of life and pain and suffering, in addition to the cost of decreased lifestyle.

The National Highway Traffic Safety Administration reported 32,999 deaths and 3.9 million injuries caused by auto related accidents. In addition the NHTSA counted 24 million damaged cars.

Ninety three billion dollars was reported as lost productivity. Seventy five billion dollars was reported as property damage. Thirty five billion was reported in medical expenses. Twenty eight billion was reported as spent on traffic congestion and air pollution.

Alcohol, speeding and distractions were reported to be large causes of auto related accidents. Eighteen percent of accidents were said to have been caused by alcohol. $199 billion was spent on alcohol related auto accidents. Speeding was said to have been the cause of 21% of all auto accidents. $210 billion dollars was said to have been spent on speeding related auto accidents. Distractions were reported to have been the cause of 17% of all auto accidents.

The use of seat belts were said to have prevented 12,500 deaths. $308,000 was said to have been spent on serious injuries sustained during auto accidents. $69 Billion dollars was said to have been incurred in medical expenses. $72 billion was said to have been incurred in losses due to auto related accidents.

Auto related fatalities are said to be decreasing in recent years. There are more cars on the road than in years previous. Also cars are much safer to drive now. It is thought that these factors contribute to safer driving conditions than in the past.

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Source: Los Angeles Timescar accident settlement amounts