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Arnold & Itkin LLP Truck Accident Blog2016NovemberThe Average Cost of Commercial Vehicle Accidents

The Average Cost of Commercial Vehicle Accidents

For truck accident victims, the first priority is getting the right medical treatment for their injuries. Unfortunately, a steep price tag comes with these devastating accidents. As if injuries, pain, and suffering wasn’t enough, a victim can be slammed with high medical bills, loss of wages, property repairs, and other costs related to their recovery.

Average Cost of a Commercial Truck Accident

So what does an average truck accident cost the victim? It depends on certain factors, but it's always life-altering. The Federal Motor Carrier Safety Administration breaks down average truck accident costs this way:

  • Basic health and property damage: $334,892
  • When a semi-truck is pulling multiple trailers: $1.2 million
  • When a semi-truck accidents results in fatality: $7.2 million

This price tag can vary greatly depending on the extent of damage involved, what caused the accident (speeding vs. a mechanical defect), and the types of injuries an individual suffered. For example, if a permanent disability occurred, that number would likely become much higher due to the life-long care that would become necessary.

Other factors that can raise the price of a truck accident include:

  • Number of passengers injured in the accident
  • Whether an injured party can return to work
  • How many people depend on the injured/deceased party for support
  • The type of negligence or behavior that caused the accident
  • Whether or not the truck employer was negligent

Annual Costs of Truck Accidents

The following statistics were published in March 2013 by the Department of Transportation and the Federal Motor Carrier Safety Administration. These totals are in the 2012 value of the US Dollar and account for all commercial vehicle crashes including fatal crashes, injury crashes, and proper damage only crashes.

  • 2009: $88 Billion
  • 2010: $93 Billion
  • 2011: $93.4 Billion

Because these numbers are in 2016 USD, the increase is not inflation, but increases in actual costs.  

If you have been involved in a commercial truck accident, you could be facing anywhere from hundreds of thousands of dollars to millions for the total damages you suffered. Regardless of the details of your case, it is important that you understand your rights if you have endured serious injuries. The sooner you take action, the more likely you will be able to recover fair compensation to cover these steep costs and expenses.

Take the first step by calling on the truck accident lawyers at Arnold & Itkin today. We have recovered billions of dollars in 5 yearswe know how to help.

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