NHTSA says car accidents cost every American about $900 in 2010

Filed under: Government/Legal, Safety, Earnings/Financials

Car accidents carry a heavy price tag for Americans, regardless of whether or not they’ve been involved in a crash themselves.

Economic burdens associated with crashes cost every person in the United States about $900 per year, according to a study released Thursday by the National Highway Traffic Safety Administration that analyzed the economic and societal costs of car accidents in 2010.

Roadway crashes that year cost 32,999 people their lives, caused 3.9 million injuries and damaged 24 million vehicles. Overall, the costs associated with the crashes amount to $871 billion, according to the study, “The Economic and Societal Impact of Motor Vehicle Crashes, 2010″ [PDF]. Approximately $277 billion are economic costs, and $594 billion in harm from loss of life and decreased quality of life due to injuries, researchers say.

“While the economic and societal costs of crashes are staggering, today’s report clearly demonstrates that investments in safety are worth every penny used to reduce the frequency and severity of these tragic events,” US Secretary of Transportation Anthony Foxx said in a written statement (available below).

The economic cost accounted for 1.9 percent of the country’s $14.96-trillion gross domestic product in 2010. That price tag includes property damage, productivity losses, legal costs, emergency services, and others. Three-quarters of these costs are paid through taxes, insurance premiums and congestion-related costs, NHTSA said.

Continue reading NHTSA says car accidents cost every American about $900 in 2010

NHTSA says car accidents cost every American about $900 in 2010 originally appeared on Autoblog on Thu, 29 May 2014 18:30:00 EST. Please see our terms for use of feeds.

Permalink

About Pete Bigelow