A report recently issued by the AAA analyzed the financial damage of fatal traffic crashes in 99 urban areas, and concluded that the cost of crashes in those cities was $299.5 billion – an average of more than $6 million per fatal motor vehicle crash (far greater than the cost of traffic congestion).
In contrast, the study found that the average cost of an injury-only crash is only $126,000.
The estimated costs consider the dollar value of 11 crash consequences: property damage; lost earnings; loss of household activities; medical costs; emergency services; travel delays; vocational rehabilitation; lost time at work; administrative costs; legal costs; and pain and lost quality of life.
The last time AAA did a comparable study the average cost of a traffic fatality was $3.24 million, and that of an injury-only crash was $68,170.
The purpose of the AAA study is to highlight the importance of allocating more funding towards road safety.