High Cost of Car Accidents

cost of car accidents

According to a recent study, the cost of car accidents to the economy is hundreds of billions of dollars every year, and almost half of that goes to compensation for injured car accident victims. Such compensation can include medical bills, lost earnings, and reduced productivity. In Florida, the cost of traffic fatalities alone is estimated to cost about $4.5 billion annually.

One reason the figures are so high is because of the sheer volume of highway accidents we have in America. According to estimates, there are about 6 million car accidents every year in the U.S. That’s about 18,000 car accidents every day in the country. There are about 1,000 car accidents every day in Florida alone.

All these accidents lead to nearly 40,000 deaths every year with millions of people seriously injured. Death and injury, and property damage, are expensive. The cost of car accidents includes replacing or repairing damaged vehicles, and the medical costs for both physical and medical health are staggering. There are many permanent injuries that require lifelong therapy or medical intervention – which can lead to a lower quality of life. And there is lost productivity, missed days at work, and diminished earning capacity.

Cost of Car Accidents by the Numbers

According to the National Highway Traffic Safety Administration (NHTSA), about 43% of car accidents result in an injury, which means that there are about four car accident injuries every minute in America. Of all high-income nations, the U.S. has the highest rate of fatal traffic accidents, roughly 50% higher than comparable nations in Western Europe, Canada, Australia, and Japan. The three main causes of fatal car accidents are speeding, driving under the influence, and not wearing a seat belt. Most injuries and fatalities occur in passenger vehicles, followed by SUVs, pickup trucks, and vans. Ages 25 to 34 account for 20% of all fatalities in car accidents, making them the age group with the largest number of fatalities.

Recovering the Cost of Car Accidents

Personal injury attorneys know how best to defend your rights, just as insurance companies are knowledgeable about how to prevent you from receiving a fair payout following an accident. An auto insurance company wants you to accept their initial offer and disregard all future offers. However, a skilled and aggressive personal injury attorney knows the law and can help you recover the personal cost of car accidents.

If you’re searching for Central Florida’s top car accident attorneys, keep in mind that the Martinez Manglardi Orlando personal injury law firm has more than 35 years of settlement success. To schedule a no-cost case evaluation at one of our convenient Central Florida locations, call 866-506-3286.

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