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How safe will Automated Vehicles (AVs) be? It depends on technologies, vehicles, other road users, and infrastructures. The only certainty is that automated vehicles will not solve all road safety issues. As the penetration of AVs might be much more sudden than road infrastructure modification, the infrastructure revision process should start immediately by then, and road authorities must be ready in turn. This paper presents an approach based on road safety inspections to quantify and compare the expected safety levels for a road section with different combinations of Automated and Conventional Vehicles (CVs). Developed in the framework of the EC project CoEXist, the proposed approach allows for identifying the possible safety issues that may arise when introducing AVs. All safety issues are judged in terms of risk, which is the product of the exposure, the likelihood of the crash, and the severity of the possible consequences. All these aspects are analyzed in different scenarios considering different AV penetration levels and driving logic. The results show a potential risk decrease according to the higher penetration of AVs. Nevertheless, the analysis highlights that safety issues may arise with the introduction of specific AVs’ driving logics.