Considering that unexpected events are a major contributory factor of road accidents the main objective of this article is to investigate the effect of several parameters including overall driving performance, distraction sources, driver characteristics, as well as road and traffic environment on accident probability at unexpected incidents. For this purpose, a driving simulator experiment was carried out, in which 95 participants from all age groups were asked to drive under different types of distraction (no distraction, conversation with passenger, cell phone use) in different road and traffic conditions. Then, in the framework of the statistical analysis, driving performance is estimated as a new unobserved (latent) variable based on several individual driving simulator parameters while a structural equation model is developed investigating which factors lead to increased accident probability at unexpected incidents. Regarding driver distraction, results indicate that cell phone use has a negative effect on accident risk confirming the initial hypothesis that when talking on the cell phone drivers find it difficult to handle an unexpected incident and as a result are more likely to commit an accident. Overall, a risky driving profile is developed, completing the puzzle of the effect of driver distraction on driver behavior and road safety.