All things fleet tracking – industry news and best practices
Crashes Cost More Than You Think
Posted on 08/21/2013 by Ashley Jones | 0 Comments
Everything costs more these days and motor vehicles crashes are no exception. A crash occurs every 5 seconds, resulting in an injury every 10 seconds and a fatality every 13 seconds. Every year, approximately 33,000 people die in motor vehicle crashes and over 2,000,000 are injured. Besides physical injury, accidents affect virtually every aspect of your business, including:
- Tarnished business reputation
- Vehicle repair or replacement costs
- Increased insurance premiums
- Litigation costs
According to the Centers for Disease Control and Prevention, the cost of medical care and productivity losses associated with motor vehicle crash injuries was over $99 billion or nearly $500 for each licensed driver in the United States in one year alone.
The total cost of a crash – including wage and productivity losses, medical and administrative expenses, motor vehicle damage and employers’ uninsured costs – can range from $25,000 for a crash involving injury to more than $4.5 million for a fatality.
Additionally, collisions can drastically increase insurance rates, and may result in policy cancellations for companies with multiple crashes. That’s money you could save or use to reinvest in new equipment or growth.
Don’t let an accident cost you your business. Keep your drivers and other people on the road safe with a documented driver safety program. Additionally, when looking at telematics providers, make sure that their solution provides a comprehensive driver safety solution.