The Economic Impact of Truck Accidents | Bailey, Javins & Carter, L.C.

Truck accidents have a catastrophic effect on road safety, the lives of those involved, and the community as a whole. Not convinced? Just think about how much financial damage a truck can do—and that’s before you consider the costs that last decades. Even one accident can have a devastating impact on the local community and its economy.

If you have been injured in a truck accident, please know that you are not alone. While this time may be painful and isolating, you do not have to go through it alone. With the team at Bailey Javins & Carter, you can feel confident that you have a strong legal advocate on your side. Call us at 800-497-0234 to schedule a consultation right away.

Direct Economic Costs

To understand the financial damage caused by a truck accident, you should first look at the direct economic costs. These are the immediate expenses that are incurred by a crash, and they’re fairly easy to calculate. They include:

Property damage: When compared to passenger vehicle crashes, truck collisions cause a massive amount of property damage. This includes damage to vehicles, damage to the road and its fixtures, lost cargo and damaged personal items.
Medical expenses: Injuries are fairly common in truck accidents, and they can be incredibly expensive to treat. The sheer size of a commercial truck can cause severe or even fatal injuries. It’s not uncommon for a victim to rack up tens or hundreds of thousands of dollars in medical debt just to get back to normal after a crash—and that’s assuming they make a full recovery.
Legal fees: After a truck accident, a personal injury claim is nearly inevitable. This means investigations on both sides, a truck company’s payments to lawyers, the cost of a settlement, and other related expenses. Whether or not a truck company is successful at defending itself from a personal injury claim, it could easily spend thousands of dollars on legal fees.
Emergency response: The emergency response to a truck accident puts a significant strain on local emergency personnel. The cost of sending out ambulances, police officers, and fire trucks puts local municipalities thousands of dollars in the hole before they even provide any services.

Indirect Economic Costs

Beyond these immediate and obvious expenses, there are many indirect economic costs that can extend the impact of a truck collision. These expenses include:

Loss of productivity and business disruption: An injured or mentally traumatized truck accident victim may struggle to return to work. When they do return to work, they may find that they are far less productive than they once were. A business, despite having nothing to do with the crash, could lose a significant amount of money in lost productivity and delays in their business operations.
Supply chain issues: Yes, even one crashed truck can cause issues in the supply chain. If a crash is severe enough, its entire load could be lost or damaged beyond repair. These loads can be very expensive, and someone has to pay for them. In the meantime, the company awaiting the load will have to wait until the same items are available and another truck driver can pick up the job. This can cause small disruptions throughout the community.
Loss of quality of life: While a loss of quality of life may not be financial in nature, it does have a very real financial impact. A person living an unhappy life because of an accident is less productive, less active in their community, and less present for their family. This has a negative impact on their community as a whole.
Lost time: When a road is shut down due to a truck accident, everyone on that route has to change their plans and adjust their schedule. This can affect local businesses negatively.

Call Bailey Javins & Carter to Start Your Truck Accident Claim

Truck accidents have a severe negative effect on the people and communities involved. Despite this, trucking companies aren’t in a rush to pay a fair settlement. That’s why it’s so important to reach out to our team and get the help you deserve. Call Bailey Javins & Carter at 800-497-0234 or reach out online today.