This article provides a review of approaches used to assess the costs of social and economic damage caused by fatalities in road accidents in Russia and other countries. The urgency of the problem is shaped by the high mortality rates of people involved in road crashes in our country compared to other countries. At the moment, absolute and relative numbers of both the car accidents and fatalities in Russia are much higher than in the European Union countries or in Canada and the United States. At the same time, the estimated costs of economic damage from the loss of people’s lives is much lower in Russia than in those other countries. The underestimation of human life value was discussed in details in the previous publication of 2014 [Karabchuk, Nikitina, Remezkova, Soboleva 2014], where we concluded that the cost of human life in Russia is equal to the value of human life in developing countries, despite the positive trend of increases in human capital in recent years in Russia [Kapelyushnikov 2012]. The social and economic consequences of the underestimation of the value of human life can have negative effects on an individual and a country level: the quality of life of Russian citizens can deteriorate and the state would lose economically active population, moreover the people will feel less satisfied with their lives and less happy. Thus, it is important to develop the theoretical and methodological framework for assessing the cost of deaths caused by fatal road accidents in Russia. This article aims to raise the problem of low road safety in Russia and insufficient discussion of its consequences in the scientific literature. Comparative analysis of socio-economic damage estimates in Europe and the methods to assess them will allow us the backed-up methodology of the damage evaluation caused by the road accidents. That in its turn will help to reduce mortality rates through the implementation of the safety road programs. We review the international experience and compare it with the current Russian methodology, after that we summarize the results of comparative analysis and provide recommendations how to improve the methods of socio-economic damage evaluation caused by the car accidents.