IEEE 1609.4 protocol defines a channel switching mechanism to enable a single radio operating efficiently on multiple channels to support both safety and non-safety services. Basic safety message (BSM) is transmitted only through the control channel at regular intervals. In this paper, we propose an analytic model based on interacting semi-Markov process (SMP) to evaluate both Medium Access Control (MAC) and application level performance and reliability of safety message broadcasting incorporating the impact of multichannel operations. Message service time distribution is derived using Laplace-Stieltjes transform based on the proposed model. Due to the cyclic interactions between theSMPmodels for vehicles contending the samechannel, fixed-point iteration is used to obtain converged solutions. Subsequently, MAC and application-level performance and reliability metrics are derived based on the converged solutions. Channel fading with path loss is taken into consideration in this derivation. The analytic models are validated through extensive simulations in NS2 to verify the effectiveness and accuracy of our proposed fixed-point iteration based model decomposition. The effects of channel switching mechanism and channel fading are also evaluated by comparing with other analytic models.