Among the six research topics that the American Transportation Research Institute considers a priority for 2019, one is a revision of the cost-benefit analysis concerning truck safety technology. Truckers in Louisiana may have heard of or had first-hand experience with safety devices like lane departure warning, automatic emergency braking and collision mitigation systems.
The return on investment of truck safety technology can be hard to determine because it requires factoring in the cost of accidents that never happened. Therefore, this is where some estimates can come in handy. According to estimates from the Federal Motor Carrier Safety Administration, the cost of the average truck crash among all vehicle types is nearly $150,000.
In 2014, the U.S. DOT’s Office of the Assistant Secretary for Research and Technology assessed the cost of a truck collision avoidance system to be between $2,500 and $4,000. Truck fleet owners who are hesitant about incorporating safety tech because of the cost may want to compare these figures with the FMCSA’s. Even though prices have gone up since 2014, installing the tech is a bargain.
Fleet owners will benefit in other ways. For instance, the safety tech will boost the company’s image as a safety-conscious one, and owners’ efforts at recruiting and retaining employees will likely improve.
A truck accident case can be costly for fleet owners, and it can be complicated for those pursuing the case. Victims of a truck accident may be left to deal with catastrophic injuries, so it is important that they seek compensation for all past and future medical expenses as well as lost wages and any diminished capacity to earn a living. This is where a lawyer may come in. Victims are required to file a claim within a year of the accident.