The economic cost of large truck crashes

Motor vehicle accidents – especially serious ones involving major injuries or fatalities – can be very costly not only in terms of human lives but costly for insurers, states, and local governments.  A great deal of research money is spent on trying to understand the economic impact that accidents have in the United States.

One report prepared for the Federal Motor Carrier Safety Administration (FMCSA) by the Pacific Institute attempted to analyze the cost of medium to large truck accidents.  The report is a few years old, but the data is interesting.

Researchers tried to account for all costs involved in each tractor trailer crash, however their cost estimates excluded difficult to measure variables like mental health care costs for crash victims, roadside repair costs, cargo delays, lost earnings for those caring for injured family members and lost schoolwork for injured students.

• Average cost for property damage only crashes: $15,114
• Average cost per non-fatal injury crash: $195,258
• Average cost per fatal truck injury crash: $3,604,518
• Average cost for straight truck crash (no trailer): $56,296
• Average cost for truck with two or three trailers: $289,549

These estimated costs took into consideration medical costs, emergency service costs, costs for property damage, lost productivity, and the estimated value of victim and family members’ pain and suffering and lost quality of life.