After suffering any injuries from a motor vehicle collision in Costa Mesa, your first worry could be how much it will cost.
This is a pertinent question affecting not just individuals but also the State of California, the United States, and the world.
The economic impact of vehicle accidents, including medical expenses and property damage, is huge.
You undoubtedly worry most about who will cover your damages as an individual. But a broader view might help you understand how the world economy covers these costs. So, What is the average cost for a severe injury in a collision in California? Let us find out
What Is the Financial Impact of Car Crashes?
According to the CDC, auto collisions claim the lives of at least 30,000 people in the U.S every year. These accidents account for $44 billion in vehicle accident costs, based on lost wages and medical expenses.
Notably, this $44 billion is for fatal accidents alone- it does not include those that result in injuries or property damage.
Private insurance companies cover the bulk of national auto accident costs, individual accident victims, and third parties like medical providers.
Here are the annual expenses of vehicle accidents:
· $518 billion globally
The eighth biggest cause of death worldwide is automobile collisions. Every year, almost 1.3 million people worldwide die in car crashes. Another 20-50 million people sustain injuries. Every nation spends up to two percent of its yearly GDP on these accidents. The annual cost of car crashes is approximately $518 billion (excluding the cost of social harm).
· $871 billion US
According to the National Highway Traffic Safety Administration, car accidents account for $871 billion in social expenses and economic losses annually in the United States. This covers lost wages, legal fees, medical expenses, ambulance charges, insurance administration fees, and property damage. If we only consider financial losses, collisions in the US cost around $230.6 billion annually.
· $4,480 million in California
The CDC estimates that California spends $4,480 million annually on expenditures related to auto accidents. Most of these expenses are for health insurance. Medical expenses, missed productivity at the job, car repairs, environmental costs, legal fees, and insurance costs all result in financial losses for the state.
The impact of traffic collisions on the economy is more significant than you can imagine. Reducing the number of crashes would be the most effective strategy to cut these expenses both locally and globally.
Speeding, intoxication, and driver negligence are the most frequent causes of automobile accidents, according to studies. Thousands of lives would be saved if these three factors were eliminated.
How Much Does an Accident Cost You?
The severity of the injuries and property damage determines the average cost of an individual vehicle accident in California.
Medical expenses from minor accidents can go up to $3,000, in addition to lost income and property damage. But the medical costs of more fatal crashes can exceed $500,000.
The injured party bears approximately 23% of the overall cost of an automobile accident. Depending on the seriousness of the incident, this may be significant.
Keep in mind that these calculations do not consider non-economic losses like pain and suffering.
No amount of money can replace the loss of a loved one. Hire a qualified Costa Mesa car accident attorney to assist you in recovering costs from the at-fault party after an accident in Costa Mesa, California.
How To Determine the Cost of a Severe Injury
Car accidents are costly. They wreak havoc on the victims, their families, and society. If the injuries sustained were fatal, the involved parties’ costs may be high.
The cost of severe harm or death cannot be calculated with any degree of accuracy. Insurers cannot impose a monetary value on a person’s life, quality of life or the suffering caused to the victim’s loved ones.
Instead, insurance firms estimate the cost of an injury based on the following criteria:
- Death
- Severity of the injury
- Lost wages and productivity
- Medical costs
- property damages
- Administrative costs
If you have been injured in a car accident in California, you need a personal injury lawyer. A Costa Mesa car accident attorney can help you calculate your injury’s current and future costs and claim compensation.
What Is the Average Cost of a Severe Injury in a Car Collision?
The National Highway Traffic Safety Administration reports that there has been a decline in crashes that result in serious injuries. However, the cost of injuries is increasing.
Over $230 billion is spent annually in the US on vehicle accidents. According to statistics from National Safety Council, the typical cost of an injury in a collision is as follows:
- $1.5 million for fatal injuries
- $80 700 for non-fatal injuries
- $9,300 in property damages
Other expenses are calculated based on the accident type, the degree of the injuries sustained, who is liable, and the cause of the accident. Transfer to the hospital, surgeries, recovery, treatment, and other life-saving measures must also be considered.
Get a Costa Mesa Car Accident Attorney Today
Car accidents cause a great deal of harm to victims and their loved ones. Contact a qualified personal injury attorney to guarantee that you or a loved one receives fair compensation.
Legal Giant partners with attorneys with years of expertise advocating for accident victims. We can link you up with one of the best Costa Mesa car accident attorneys to handle your case.
Call us at (855) 740-5024 to schedule a free case evaluation.
