Financial Cost of a Car Accident

It goes without saying that death is the largest burden that people may experience after a car accident. However, if you sustain an injury in a car crash, the cost of the accident can reach a staggering total.

Unfortunately, between medical bills, lost wages, and vehicle repairs, the financial cost of a car accident can be difficult to manage. Considering that a car accident is alone a stressful event, the resulting financial strain can be detrimental to car accident victims. 

Car Accident Crash Statistics

Car accidents lead to billions of dollars in expenses every year in the United States. The cost per death in an auto accident is over $1 million, while the cost for each disabling (nonfatal) injury is over $60,000. Crashes that result in property damage and injuries that aren’t disabling cost over $7,000, on average.  

  • According to the National Highway Traffic Safety Administration, or NHTSA, the lifetime economic cost of police-reported crashes is $150 billion annually. 
  • According to the Centers for Disease Control and Prevention, or CDC, medical expenses and productivity losses associated with car crashes in 2017 totaled over $75 billion.
  • The CDC also reported that car crash deaths led to $55 billion in medical and productivity losses in 2018. 

What Contributes to the Financial Cost of a Car Accident?

While insurance companies pay a significant portion of the financial cost after a car accident, a large amount of the burden often falls on the accident victims. The expenses associated with the accident may include:

  • The severity of your injuries
  • The severity of your passengers’ injuries
  • Damage to the vehicle and the cost to repair it
  • Property damage (other than the vehicle damage)

If you were in a car accident due to the negligence of another, you’re entitled to compensation for your losses. As the victim in the crash, you shouldn’t be held responsible for the expenses associated with the crash.

Contact the experienced auto accident attorneys at Weldon and Rothman today to schedule a consultation. We’ll ensure that you receive the compensation that you’re entitled to for the cost of the crash.