In the UK for example, a survey conducted using 500 post-accident insurance policy customers, showed an average individual financial loss of £1300.00. This is due in part to voluntary excesses that are common tactics used to reduce overall premium, and in part due to under valuation of vehicles. By contrast, Australian insurance policy holders are subject to an average financial loss of $950.00 AUD

Legal consequences
There are a number of possible legal consequences for causing a traffic collision, including:

Traffic citations: drivers who are involved in a collision may receive one or more traffic citations for improper driving conduct such as speeding, failure to obey a traffic control device, or driving under the influence of drugs or alcohol. Convictions for traffic violations are usually penalized with fines, and for more severe offenses, the suspension or revocation of driving privileges. Civil lawsuits: a driver who causes a traffic collision may be sued for damages resulting from the accident, including damages to property and injuries to other persons. Criminal prosecution: More severe driving misconduct, including impaired driving, may result in criminal charges against the driver. In the event of a fatality, a charge of vehicular homicide is occasionally prosecuted, especially in cases involving alcohol. Convictions for alcohol offenses may result in the revocation or long term suspension of the drivers license, and sometimes jail time, mandatory drug or alcohol rehabilitation, or both. Fraud
Sometimes, people may make false insurance claims or commit insurance fraud by staging collisions or jumping in front of moving cars.
The summary says:

The evidence shows the risk of having a crash is increased both for vehicles traveling slower than the average speed, and for those traveling above the average speed. The risk of being injured increases exponentially with speeds much faster than the median speed. The severity / lethality of a crash depends on the vehicle speed change at impact. There is limited evidence suggesting lower speed limits result in lower speeds on a system-wide basis. Most crashes related to speed involve speed too fast for the conditions. More research is needed to determine the effectiveness of traffic calming.In the U.S. in 2018, 9,378 people were killed in motor vehicle crashes involving at least one speeding driver, which accounted for 26% of all traffic-related deaths for the year.In Michigan in 2019, excessive speed was a factor in 18.8% of the fatalities that resulted from fatal motor vehicle crashes and in 15.6% of the suspected serious injuries resulting from crashes.The Road and Traffic Authority (RTA) of the Australian state of New South Wales (NSW) asserts speeding (traveling too fast for the prevailing conditions or above the posted speed limit) is a factor in about 40 percent of road deaths. The RTA also say speeding increases the risk of a crash and its severity.