Car Accidents and Car Insurance
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In a blink of an eye, we can get into an accident. In a blink of an eye, we may lose control of the steering wheel and crash into another car. In a blink of an eye, we can lose everything. We can lose more than money when accidents happen-we can lose lives. It is not easy to pay for the consequences of our actions with our lives but just if there are lives that are spared, financial help through car insurance would be a big relief for everyone involved. How bad can accidents be?
In 2005, National Highway Traffic Safety Administration (NHTSA) recorded that Motor Vehicle Crashes is the leading cause of death in the United States. NHTSA’s latest data on the estimate of motor vehicle crash cost is $230.6 billion in 2000. This would be $820 for every US citizen. These costs would account for different factors including property damage, productivity losses, medical costs, rehabilitation cost, legal and court costs, travel delay, emergency services, insurance administration, and employer costs. In 2008 statistics, the cost per-person of traffic fatalities is $2.3 million in 2005 and in the same year, it was recorded that the cost of injuries due to motor vehicle crashes or traffic fatalities is $68, 170. All in all, the cost of traffic crashes was estimated to be around $166.7 billion by the Automobile Association of America. This cost would account for the medical services, emergency services, police services, property damage, lost productivity and quality of life.
So, who pays for the costs? Insurance companies shoulder almost 50% of the motor vehicle cost. Individual crash victims shoulder 26% and third parties like uninvolved motorists delayed in traffic, charities and health care providers shoulder 14% of the cost. Insurance premiums actually account for three-quarters of the crash cost along with taxes and travel-delay. This data reflect that although individuals and charitable foundations pay for some of the costs, insurance policies play a big role in reducing the expenses.
Your household may have more than one driver. You may drive, your husband or wife may drive and some of your children may be driving too. Think of the cost if two or more get involved in a motor vehicle accident in one month. Treat car insurance as a savings account where you put a part of your money for significant purposes. Instead of spending your hard-earned money on less important things like an expensive vase for aesthetic purposes only, you can save that amount for when you really need it through buying car insurance policy.
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