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Estimates of the costs of accidents are necessary for an understanding of the existing problem and the major economic impact of road accidents. In many developing countries, the cost of road accidents has been traditionally evaluated by the human capital method. This approach, however, has the shortcoming of underestimation because it focuses only on the economic effects of the loss of life and does not account for the value of enjoyment of life forgone. In this study, the willingness-to-pay method was selected to evaluate the cost of accidents. The method was used to estimate the value that individuals would pay for reducing the risk of loss of life. In this paper, the cost of motorcycle accidents was the focus because motorcycle crashes account for the biggest portion of vehicle crashes in Thailand. A questionnaire was designed to determine the amount of money that each motorcycle user would pay to reduce the risk of loss of life from motorcycle accidents. One thousand fifteen motorcycle users in Bangkok and the surrounding areas were interviewed. The results show that the value of statistical life and the value of statistical injury are in the range of 5.5 million baht to 7.0 million baht ($0.17 million to $0.21 million) and 2.6 million baht to 3.4 million baht ($0.08 million to $0.10 million), respectively ($1 = 32.5 Thai baht in 2011). Age, gender, occupation, income, and helmet use are significant factors affecting motorcycle users' willingness to pay to reduce the risk of fatality.

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