The Real Cost of Road Accidents

The Real Cost of Road Accidents

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The invention of the automobile is one of the greatest technological advancement in humanity. However, many people have lost their lives, got injured and broken down as a result of it.

A report by the World Bank Group noted that 1.3 million people die each year from road accidents while a staggering 78 million get injured as a of road accidents.

But what is the real cost of road accidents? What is the real effect and impact of road accidents on humanity? How is road accidents affecting and controlling our lives?

The degree and intensity of a road accident is actually rated from the following:

  • The severity of the crashes
  • The damages sustained
  • The number of people involved in the accidents
  • The location or central point of the road accidents
  • The value of the vehicle involved in the road accidents
  • The damages sustained in the road accidents.

The real cost of road accidents cannot be clearly estimated. But road accidents have a ripple effect which affects individuals involved in the road accidents, their career, their family, their finance, their work, countries and the world at large.

According to the Word Bank Group, 5% of the world’s GDP is lost through road accidents annually. Breaking it down further, the following entails the real cost of road accidents to the individuals, families, companies, countries and the world at large.

  • Medical Costs
  • Loss of Productivity
  • Loss of Corporate Turn Over
  • Loss of Lives
  • Loss of Talents/Potentials
  • Loss of Requisite Expertise
  • Car Repair Costs
  • Total Vehicle Breakdown Costs
  • Economic Hardships
  • Reduction in GDP
  • Increase in Inflation rate
  • Loss of Valuable Working Time

Looking at real cost of road accidents, it is very important to take road safety issues very seriously. The real cost of road accidents far exceeds just injuries and death.

You can contact Eureka Technical Services Limited for more information!

We are a security and safety limited company focused in ensuring road safety has all that you need to ensure road safety! Contact us for all your road safety needs: Speed Warning Systems, Car Alarms, Digital Speed Governor with Record and Online Tracking and Vehicle Tracking System.

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