Jun 03, 2014
Motor vehicle crashes in the US had an $871 billion economic and societal impact, according to a new study by the US Department of Transportation’s National Highway Traffic Safety Administration (NHTSA). The study, based on calendar year 2010 data, shows the heavy economic burden on Americans that includes $277 billion in economic costs and another $594 billion in harm from the loss of life, pain and decreased quality of life due to injuries.
"No amount of money can replace the life of a loved one, or stem the suffering associated with motor vehicle crashes," said U.S. Secretary Anthony Foxx. "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."
Economic costs alone are nearly $900 for each person living in the US.
NHTSA's new study, The Economic and Societal Impact of Motor Vehicle Crashes 2010, cites several behavioral factors as contributing to the hugh price-tag of roadway crashes based on 32,999 fatalities, 3.9 million non-fatal injuries, and 24 million damaged vehicles that took place in 2010.
The economic cost of motor vehicle crashes in the U.S. is the equivalent of 1.9 percent of the $14.96 trillion Gross Domestic Product (GDP) in 2010. Factors contributing to the price tag include productivity losses, property damage, medical and rehabilitation costs, congestion costs, legal and court costs, emergency services, insurance administration costs, and the costs to employers, among others. Overall, nearly 75 percent of these costs are paid through taxes, insurance premiums, and congestion related costs such as travel delay, excess fuel consumption, and increased environmental impacts. These costs, borne by society rather than individual crash victims, totaled over $200 billion.
Source: NHTSA, News Release – May 28, 2014, New NHTSA Study
View the full report: The Economic and Societal Impact of Motor Vehicle Crashes, 2010
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