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Comparing motor vehicle accident claims and costs

Statistics show declining rates of personal damage from traffic accidents on U.S. roads. The National Highway Traffic Safety Administration reported a 2.1 percent decrease in motor vehicle accident injuries and a 3.1 percent reduction in deaths between 2012 and 2013. The financial correlation between a downtrend in crashes and accident-related costs isn't what Illinois residents may expect.

Fewer collisions should reduce associated expenses, but that isn't the case. A study by the Insurance Research Council found accident victims' medical costs regularly exceeded rates of inflation. Between 2007 and 2012, economic losses in bodily injury insurance claims rose 4 percent – costs for personal injury claims climbed 8 percent.

Individual bodily injury claims nationwide averaged more than $15,400 in 2013. Federal authorities estimated medical care and work-related productivity losses, associated with vehicle accidents, rose above $99 billion in 2010 -- equivalent to almost $500 for every U.S. driver. Who pays for these damages?

Half of all crash expenses are covered by insurance companies – a victim or at-fault party's insurer. Accident victims are responsible for about 26 percent of the costs. The rest of the tab is picked up by third parties, like state governments that absorb between $600 and $1,200 in per-capita costs.

Human errors and negligent drivers are responsible for a significant number of accidents. Approximately one-third of deaths in over 32,000 crashes in 2013 were linked to drunk drivers. More than 10,000 people died in alcohol-related accidents that year, while tens of thousands of others were killed due to speeding, distracted driving and other needless driver behaviors.

Uncovered accident expenses can send an injured victim's finances into an immediate downward spiral. Marquardt & Belmonte personal injury attorneys help accident victims recover economically from unfair medical costs and wage losses. Legal claims may be brought against at-fault parties to cover a variety of losses, resulting in a possible settlement or damage award.

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Marquardt & Belmonte, P.C.

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Marquardt & Belmonte, P.C.
311 S. County Farm Rd
Wheaton, IL 60187

Phone: 630-517-3279
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