New government estimates reveal that the total annual cost of road traffic accidents, including the cost of human suffering and medical bills, could be as much as £34 billion per year.
The latest figures from the Department for Transport show that the cost of damage-only accidents amounted to an estimated £15.12 billion last year but if you factor in unreported injury accidents that figure could easily double.
The department said the figures reflected the loss of output due to injury, the medical costs and human costs of casualties.
These human costs were "based on willingness to pay to avoid pain, grief and suffering to the casualty, relatives and friends, as well as intrinsic loss of enjoyment of life in the case of fatalities".
In June, the department announced that road deaths dipped 8% last year to a record low of 1,754, with deaths falling for all road user groups except pedal cyclists.
Road Safety Minister Stephen Hammond said today: "Road deaths in Britain are now at their lowest levels since records began and our roads are among some of the safest in the world, which is welcome news.
Despite the reduction in road deaths year on year, the government revealed last week that the number of drink-drive fatalities is on the rise.
The department said that the provisional estimate of the number of drink-drive fatalities in 2012 was 280 - a 17% rise on the 2011 figure.