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NHTSA: Car Crashes Cost $871 Billion

The financial and economic toll resulting from automotive accidents is north of $870 billion, according to a recent analysis performed by the National Highway Traffic Safety Administration (NHTSA).

Based on 2010 data, car crashes cost $871 billion in losses, stemming from auto insurance costs, property damage and reduced quality of life resulting from injuries sustained in these accidents, NHTSA revealed.

“No amount of money can replace the life of a loved one, or stem the suffering associated with motor vehicle crashes,” said Anthony Foxx, secretary of the U.S. Department of Transportation. “While the economic and societal costs of crashes are staggering, today’s report clearly demonstrates that investments in safety are worth every penny used to reduce the frequency and severity of these tragic events.”

Some of the leading causes of roadway accidents in 2010 included drunk driving, speeding and multitasking behind the wheel, according to NHTSA’s Economic and Societal Impact of Motor Vehicle Crashes study.

“This new report underscores the importance of our safety mission and why our efforts and those of our partners to tackle these important behavioral issues and make vehicles safer are essential to our quality of life and our economy,” said David Friedman, acting administrator for NHTSA.

With this being the summer, there are typically more vehicles on the road than during the cold weather months, in the form of pedestrians, cyclists and motorcycle riders. It’s important to increase one’s awareness at this time of year to avoid potential accidents. In 2012, nearly 5,000 motorcyclists were killed in traffic crashes, accounting for 15% of all highway fatalities that occurred that year, based on NHTSA data.

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Article From Selective Insurance Company