What Costs Are Associated With Truck Accidents? Vehicle Damage, Medical Fees, Loss Of Vehicle, And More
Getting in an accident with a commercial truck is truly frightening, but if you’re the person driving the truck, the surface costs can be astronomically high. Besides direct and indirect costs, you also have to consider the psychological, human, and environmental costs that could affect you.
Getting Compensation If You’re Injured In A Truck Accident
Eighteen-wheeler shipping trucks are responsible for the deadliest auto accidents because they’re larger and take more time to slow down. If you were involved in a minor or severe truck accident, hire an experienced lawyer and get the compensation you deserve.
According to HD Fleet, the average cost of a commercial truck accident that includes an injured person is $148,279. If a fatality occurs, the cost can shoot up to over $7 million. You owe it to yourself to protect your financial future, regardless of how high or low your bill could be.
25 Costs Associated With A Commercial Truck Accident
One of the most interesting facts about cars is that rear-end crashes are the most prevalent auto accident. As a positive, rear-end truck accidents are more affordable than other crashes. Here are the direct and indirect costs associated with a truck accident:
- Vehicle Damage: Any damage done to the vehicle at the time of the accident.
- Cargo Damage: Bruised, damaged, or lost cargo is often calculated.
- Towing Costs: If the vehicle is really damaged, it may have to be towed.
- Vehicle Storage: Towed vehicles must be stored in another location.
- Medical Costs: Medical costs for the employee and other accident victims.
- Injury Costs: Health-related costs that deal with physical or mental injuries.
- Insurance Increase: Even minor accidents will increase your insurance.
- Administrative Costs: An extra insurance cost that isn’t included in the rate.
- Loss of Revenue: Workers’ compensation may make up for lost revenue.
- Lost Sales: Without an extra vehicle on the road, the company will lose sales.
- Lost Customers: Lost sales also include fewer customers or clients.
- Missed Meetings: Neglected meetings must be made up at a later date.
- Salaries Paid: If worker compensation is paid out, it can become expensive.
- Lost Time at Work: A lack of help can lead to company downtime.
- Cost to Retrain: If the employee leaves for a while, the company has to retrain.
- Cost to Rehire: If the employee can’t go back to work, the company has to rehire.
- Agency Costs: These costs relate to an agent that acts on behalf of the government.
- Damaged Equipment: A lack of equipment can also lead to company downtime.
- Equipment Depreciation: A damaged vehicle will depreciate faster.
- Loss of Property: If the vehicle is totalled, the best a company can do is write it off.
- Vehicle Replacement: A new truck can cost $35,000 to $200,000 each.
- Fines and Penalties: The party that’s cited for a traffic violation must pay a fine.
- Medical Fees: These medical fees include ongoing medical costs after the accident.
- Accident Reporting: Reporting the accident to a lawyer is often very expensive.
- Loss of Reputation: A damaged reputation can take years to rectify.
While these costs are considered “visible,” there are plenty of hidden or indirect costs the accident victims or company can’t account for. The amount of revenue a company has to make back to make up for lost profits could be staggeringly high but impossible to show on paper.
The best way to avoid these costs is to prevent them, but that can be hard with an unhappy workforce. Employee engagement methods, such as great training, feedback, and mental health awareness, can help protect a company’s bottom line while also keeping your employees safe.
However, distracted driving is often cited as the #1 cause of accidents. By adding small things to your trucks (car radios and self-driving mechanisms), you can prevent most truck crashes.