Along with the increase of motor vehicles on the roads, the number of vehicle collisions with highway bridge piers has increased. The collision can cause severe damage to the structure and hamper the functionality of the transportation network. Thus, risk assessment of bridge piers subjected to collisions is of vital importance to mitigate structural damage and hazard consequence. This paper presents a framework for the performance assessment of reinforced concrete (RC) bridge piers under vehicle collision incorporating risk. The probabilities of collision under different scenarios are assessed by considering distance from structural component to road, angle of collision, and initial velocity, among others. Additionally, probabilistic structural demand and capacity models are developed considering different damage states within the evaluation process. Then, fragility contours of the investigated RC bridge are obtained. Furthermore, the consequence of structural failure under collisions is incorporated within the process of performance assessment. Overall, the proposed framework can be used to aid the design and management of RC bridge piers subjected to vehicle collision.