In my experience, punishments for drivers who cause accidents with injury/death are pretty much nil. At least, that's the case in my state. Shortly after I moved here, I was nearly killed by a 15 year old girl who ran a red light on a county road and caused us to T-bone her at 60 mph (I was a passenger). The girl's punishment was that she couldn't get her license till she was 18 (woop-de-f***ing-do). Her dad, who was accompanying her on this drive, was not cited at all, not even for lack of insurance. Her mother's license ended up being suspended because she'd signed for the girl's permit, despite the fact the mother had nothing to do with the accident. Then they filed bankruptcy so I couldn't sue them for my medical bills and since they had no insurance, I was pretty much SOL without health insurance of my own. Fortunately, my bf's insurance ended up paying my bills, but that was about it. No pain and suffering money or anything like that.
In another instance, I was hit while crossing at a crosswalk on campus. The guy driving turned out to be a federal judge on the EEOC court. He came and yelled at me for being in his way, even though I had the right of way and he was speeding. He didn't get a ticket and once I again, I got stuck with bills that his insurance refused to pay. After nearly 9 months, my insurance reimbuirsed me and sued his company. I hope his premiums are huge now.
I figure it's only a matter of time before someone hits me while I'm biking. In fact, it's been about a year and a half, now, so I figure I'm due for something like that to happen soon. There's no way I'll get out of 2008 without some kind of scary traffic incident. In the meantime, I wear a helmet while I ride...