Can You Guess How Expensive the Average Car Accident Is?
After decades in this industry, we have learned that many people are shocked to learn just how common car accidents are and how much they cost. According to the National Highway Traffic Safety Administration, there were more than 7.2 million motor vehicle accidents in 2016, which included 34,000 fatal accidents, more than two million injuries and more than five million incidents of property damage.
But how much does all this cost? Keep reading to find out how much the average car accident costs and how much all of them cost in a year. If you have been injured in a car accident, contact Law Offices of Fernando D. Vargas at 909-982-0707 for a free legal consultation.
The Total Cost of 2016 Car Accidents
The NHTSA says that for the last year with completed statistics (2010) the total cost of accidents was upwards of $240 billion. This does not include noneconomic factors such as the “cost” of having changes to the quality of a person’s life. If you consider that as well, then the cost would be more like $835 billion. With around 5.6 million crashes in 2010, the total cost is about $154,000 per accident – now think about much more 2016’s 7.2 million accidents cost.
Replacing or Repairing the Vehicle Costs a Lot
There are a number of things that insurance company is going to look at when deciding how much to pay a victim of a car accident. First, they are going to look at the value of the car and how much it is going to cost to repair. In most cases, if the cost of repair is more than the cost to replace the vehicle, then the insurance company will declare the vehicle totaled and will provide replacement value to the victim.
It is common for a person who has been involved in a car accident to not realize just how expensive it can be to repair their car. It may seem that there is just a minor issue, such as a dent in the front bumper. This seems like a common repair and should be inexpensive – right? Wrong. If the frame is bent under the bumper, the cost can be very high indeed.
Even if the frame is not bent, the mechanic will need to check the wiring of the lights and disconnect it. They will need to remove the trim to replace the bumper. If there are warning systems connected to the bumper, they will need to be removed and potentially replaced. Once the bumper is replaced, it will need several coats of paint.
This is all just for a bumper – you can imagine how much time and money it can cost to repair more serious issues. If you have been involved in a car accident, you deserve compensation for your damages. Contact Law Offices of Fernando D. Vargas at 909-982-0707 today to get it.