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NEWS BRIEFPinching Insurance Pennies Can Help Consumers Tighten Their Belts in Bad EconomyJuly 31, 2008 — It’s estimated that most consumers could save more than 20% on insurance if they took simple steps such as raising deductibles, comparison shopping and taking advantage of discounts. More...
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Crash Costs and StatisticsThe highest price we pay for car crashes is in the loss of human lives, however society also bears the brunt of the many costs associated with motor vehicle accidents. According to the National Highway Traffic Safety Administration (NHTSA), the estimated cost of motor vehicle crashes in 2000 (their latest available data) was $230.6 billion, or $820 for every person living in the United States and 2.3% of the U.S. Gross Domestic Product. These costs include productivity losses, property damage, medical costs, rehabilitation costs, travel delay, legal and court costs, emergency services, insurance administration and employer costs. A 2008 report by the Automobile Association of America states that according to the Federal Highway Administration, the per-person cost of traffic fatalities in 2005 dollars is $3.2 million and $68,170 for injuries. AAA estimates the cost of traffic crashes to be $166.7 billion. Costs include medical, emergency services, police services, property damage, lost productivity, and quality of life. Read AAA executive summary (PDF file) The National Highway Traffic Safety Administration reports 43,300 traffic deaths, and 2.5 million non-fatal injuries in 2006. Who Pays Who PaysPrivate insurers pay approximately 50% of all motor vehicle crash costs. Individual crash victims pay about 26%, while third parties such as uninvolved motorists delayed in traffic, charities and health care providers pay about 14%. Federal revenues account for 6%, while state and local municipalities pick up about 3%. Overall, those not directly involved in crashes pay for nearly three-quarters of all crash costs, primarily through insurance premiums, taxes and travel delay-adding up to an overall price tag of over $170 billion in 2003 Crash Type & Driver Behavior
(source: National Highway Traffic Administration) Fatalities
Injuries
Property Damage
State-By-State Crash Statistics & CostsThe per-capita costs for each state vary from roughly $600-$1,200 compared to the nationwide average of $819. Smaller, less populated states may have lower overall costs, but they may also have fewer resources to draw on. Differences between states may also result from different reporting practices that result in more or less complete reporting of injuries from state to state. State statistics compiled by the National Highway Traffic Safety Administration |
How Medical Bills are Paid After an Auto AccidentWhen you buy auto insurance you need to think about what actually happens when you're in an accident and need to use it... |
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Updated:
February 28, 2007 1:52 PM
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