Calculating the cost of truck accidents in the US every year is no easy task as there’s no central database and relatively few studies done on the issue.
The current estimate of how much money the US loses as a result of truck accidents is more than $400 billion.
Law firm Davis, Saperstein & Salomon P.C. say that people often only look at the material cost of truck accidents, which is why they’re surprised by this figure.
Why are Truck Accidents Costing Us So Much?
The problem with making estimates on the economic cost of truck accidents is there are no recent, comprehensive studies on the issue.
The closest we have is a study done in 2010, which estimated that the economic cost to the US in that year was $242 billion. Since then, the number of truck accidents has increased rapidly, which would explain the significant rise in the estimated costs.
Davis, Saperstein & Salomon P.C. partner Steven Benvenisti suffered a traumatic brain injury as a result of a road accident, and he knows all too well the added costs that go into motor vehicle accidents.
More than the Material Costs
The material costs make up just a fraction of the overall costs of a truck accident. Davis, Saperstein & Salomon P.C. say that there are also ongoing medical costs that add to the total. In more serious accidents, these can be lifetime medical costs.
Many truck accidents also involve more than a truck and another vehicle. Pedestrians also often pay the price of being in the wrong place at the wrong time.
Property damage, medical costs, and negligence payments are all part of the equation that makes up these huge numbers.
Furthermore, due to the size of these vehicles, when an accident does occur, they tend to be much deadlier and cause much more damage than if the accident only involved smaller motor vehicles.
Why Tracking the Cost of Truck Accidents is So Difficult
Tracking the cost of truck accidents is so difficult because every state tracks the number of accidents differently. Not every state has an advanced database, and without a comprehensive central registry, it’s difficult to draw conclusions and to act upon those conclusions.
Davis, Saperstein & Salomon P.C. agree that tracking truck accidents in individual states are helpful, but there’s very little comprehensive research at the Federal level.
A central registry would make it easier to direct policy nationally and on the state level.
What Should You Do if Involved in a Truck Accident?
More people than ever before are getting caught up in truck accidents. Even if you feel fine, you should always seek out medical attention first. Traumatic brain injuries are incredibly common, and symptoms may not appear until a few weeks after the incident.
It’s also important to photograph the scene if you can. The more evidence you have of the road conditions, the vehicles, and of your own well-being the easier it is to get justice.
Finally, make sure you contact a truck accident attorney for more info. A professional will be able to help you seek compensation and obtain justice.
Were you recently involved in a truck accident?