Do you know what, I asked the same question a long time ago when I started flying.
Here is what I have discovered since.
You will often read flying is safer than driving or other similar comparisons. Well forget these. As with all statistics unless you understand how they are calculated, they are worthless. More over there has been plenty of debate on here which would lead you to conclude that if you do the stats on any reasonable basis flying light aircraft is probably more dangerous than driving.
I think a far more rational approach is to consider where the risks lie and what you can do to minimise them.
Here are some of the most common reasons for fatal accidents involving light aircraft:
1. Controlled flight into terrain,
2. Stall, spin, loss of control,
3. Instrument approach accidents,
4. Mechanical failure,
5. Structural failure,
6. Collision
Of course to varying degrees these reasons may be inter-related. An engine failure (4) may in itself not be catastrophic unless combined with 2.
However, if you read the accident reports the vast majority of accidents are avoidable. For example, if you are properly trained and current, there is no reason to lose control, or to fly into the side of a hill. These are both examples of perfectly serviceable and functioning aircraft killing their pilots and together account for the vast majority of fatal accidents. In fact if you eliminate all the accidents caused by pilot error there are very few left. Even some of those result in an avoidable loss of life. For example, if a pilot maintains control of the aircraft the evidence all points towards a successful and survivable ditching. However most do not survive because of hypothermia. Once again, depending on how risk averse you are, simple precautions like wearing a dry suite, and carrying a raft reduce this risk significantly.
So if you are confident that you will maintain sound currency, will be proficient, avoid taking risks and flying outside your envelope, partake in regular recurrent training etc., the vast majority of these risks can be eliminated.
You are left with a few more difficult to deal with. Here they are:
1. Engine failure immediately after take off,
2. Structural failure
3. Collision
4. Forced landing over poor terrain.
Well arguably even some of these are avoidable. With any luck and engine failure after take off IF you maintain control is survivable. You could decide to avoid ever flying over terrain that doesn’t present any forced landing sites. Given that I have experienced poor engineers, using engineers with a good reputation can also be a factor.
So in a perfect world you are left with very few situations which you can do little about – and come down to being in the wrong place at the wrong time. Certainly structural failure falls into this category; arguably so does collision (although IMHO flying with some form of CAS helps mitigate the risk).
In the perfect world the risk is therefore very small and perhaps a great deal smaller than motoring where so many of the accidents are the results of the actions of some other idiot over which you have very little control.
It’s for these reason I caution you to ignore the statistics – flying is as safe as you wish to make it. Push the envelope, fly beyond your ability, become complacent or rusty and it is the most unforgiving of pastimes.