The total annual cost of road accidents, including the human suffering as well as the medical bills, could be more than £34 billion, according to Government estimates.

Latest figures show that British road accidents that were reported in 2012 cost an estimated £15.12 billion.

This included damage-only accidents but did not allow for unreported injury accidents.

The Department for Transport (DfT) said that allowing for accidents not reported, the total annual cost figure could increase to around £34.3 billion.

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".

The DfT also said that the average value of preventing a fatal accident was greater than the value of preventing a fatality. For example, in 2012 a fatal accident on average involved 1.07 fatalities, 0.29 serious casualties and 0.43 slight casualties.

The £15.12 billion cost figure for reported accidents last year was at least a dip on the 2011 figure which was around £500 million higher.

The details came as the DfT published more figures for 2012 accident figures following initial statistical releases earlier this year.

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.

In August, the DfT announced that provisional figures for 2012 showed that the number of people killed in drink-drive accidents had risen last year.

Today, the department said that the provisional estimate of the number of these drink-drive fatalities was 280 - a 17% rise on the 2011 figure.

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.

"But let's not forget that each road death represents the tragic loss of someone's loved one. That's why there is no room for complacency and why the Government will continue to crack down on the most dangerous drivers and improve training to make our roads safe for everyone."