Traditionally, highway safety analyses have used univariate Poisson or negative binomial distributions to model crash counts for different levels of crash severity. Because unobservables or omitted variables are shared across severity levels, however, crash counts are multivariate in nature. This research uses full Bayes multivariate Poisson lognormal models to estimate the expected crash frequency for different levels of crash severity and then compares those estimates to independent or univariate Poisson lognormal estimates. The multivariate Poisson log-normal model fits better than the univariate model and improves the precision in crash-frequency estimates. The covariances and correlations among crash severities are high (correlations range from 0.47 to 0.97), with the highest values found between contiguous severity levels. Considering this correlation between severity levels improves the precision of the expected number of crashes. The multivariate estimates are used with cost data from the Pennsylvania Department of Transportation to develop the expected crash cost (and excess expected cost) per segment, which is then used to rank sites for safety improvements. The multivariate-based top-ranked segments are found to have consistently higher costs and excess costs than the univariate estimates, which is due to higher multivariate estimates of fatalities and major injuries (due to the random effects parameter). These higher estimated frequencies, in turn, produce different rankings for the multivariate and independent models. The finding of a high correlation between contiguous severity levels is consistent with some of the literature, but additional tests of multivariate models are recommended. The improved precision has important implications for the identification of sites with promise (SWiPs), because one formulation includes the standard deviation of crash frequencies for similar sites as part of the assessment of SWiPs.