Crash Costs 1
Crash Costs 1 : Crash costs include human costs, vehicle costs and general costs. In the current Australian context, human costs are estimated based on the 'human capital' approach, which values loss of human life based on lost potential human output or productivity. Loss of quality of life is also taken into account, although it is not traditionally considered in the 'human capital approach'. Medical costs, coronial costs, legal and correctional services costs are all incorporated in human costs. In the New Zealand context, crash costs are estimated based on the 'willingness to pay' approach, which values the loss of a human life (or interruption to optimal health) in terms of the amount that people are willing to pay to reduce risk to their lives. Vehicle costs incurred in repairing damage to the vehicles involved and loss of productivity due to vehicle unavailability and general costs include other property damage, police costs, insurance costs etc
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