Speeding in work zones is common and poses significant safety hazards to motorists and workers. Previous studies have demonstrated that speeding is reduced when workers are visible to the drivers, suggesting that concern for the safety of workers influences drivers’ speed choice. Conversely, the extent of speeding when workers are not visible (whether present or not) suggests that drivers may underestimate the increased risk of crashes or other damage to their vehicles associated with the poorer road conditions associated with roadworks (loose surfaces and debris, narrower lane width and drop-offs etc.). To better understand the factors influencing drivers’ speeds in work zones, this paper examined the extent to which drivers’ speed choices are influenced by their perceived likelihoods of injuring workers and damaging their own vehicles. Driver-nominated speed data collected from an online survey of 405 drivers from Queensland, Australia were analyzed using regression techniques. The results supported the hypothesis that both drivers’ perceived likelihood of injuring workers and damaging vehicles strongly influence their nominated speeds. Higher speeds were nominated by young and middle aged drivers, and car drivers who also held truck licenses. Drivers nominated lower speeds at road curves, if adjacent areas of travel lanes were unpaved or had loose materials, and when workers were visible in work zones. The findings of this research suggest that interventions to heighten drivers’ perceptions of the likelihood of damage to their vehicles may be useful in moderating speeds at roadworks.