Road crashes cost Gladstone economy $50m a year
ROAD crashes are smashing more than $50 million a year out of the Gladstone economy.
In the 13 years to 2013, 83 deaths and 2744 injuries left a $650 million black hole in the Gladstone local government area.
The Federal Government's Bureau of Transport and Regional Economics experts say each person killed in a road crash costs the nation $3,180,598.
A person with serious injuries will set us back $316,869 while a patient with minor injuries costs $17,511.
The costs are based on a range of factors including loss of earnings, emergency service response, medical treatment, disability care, property damage and insurance.
An APN Newsdesk analysis of Queensland Government accident data for the Gladstone Regional Council area since 2013 shows 83 people died on our roads, 1130 had serious injuries and 1614 were left with minor injuries.
The deaths accounted for $263,989,600, the serious injuries were valued at $358,062,000 and the minor injuries cost $28,262,800.
That's $650,314,400 for 13 years or $50,024,200 a year.
The annual financial burden of road accidents to Australia is $27 billion.
Economic Society of Australia's Richard Tooth, who wrote The Cost of Road Crashes: A Review of Key Issues, said reducing the financial impacts of road crashes could be as simple as changing how insurance was regulated.
"I argue the insurance industry could play a major role in reducing road fatalities and injuries if we gave insurers the right incentives," the Sapere Research Group director said.
"In Queensland and most of Australia the CTP regulations prevent insurers from offering price discounts to encourage safer driving.
"In most developed countries like the UK the comprehensive insurance is bundled with the CTP and there is little price regulation.
"That means the high risk drivers pay a lot more for insurance and the low risk drivers pay less.
"As a result, high risk drivers can get very large discounts on their insurance by driving safer cars."
Main Roads Minister Mark Bailey said road users and the Queensland Government needed to work together on safety.
He has been collaborating with experts like RACQ and CARRS-Q.
"By working together, we are best placed to continue to ensure the safety of motorists and all road users," Mr Bailey said.
- APN NEWSDESK