01592717

Component

Priced Managed Lanes (MLs) have been increasingly advocated as one of the effective ways to mitigating congestion in recent years. This study explores a new and innovative pricing strategy for MLs—Travel Time Insurance (TTI). The proposed TTI provides an additional option to paying drivers that insures their travel time by issuing a refund to the toll cost if they do not reach their destination within specified travel times due to accidents or other unforeseen circumstances. Perceived benefits of TTI include raised public acceptance towards priced MLs, utilization increase of high occupancy vehicle/high occupancy toll (HOV/HOT) lanes, overall congestion mitigation, and additional funding for relevant transportation agencies. To gauge travelers’ interests of TTI and to analyze its possible impacts, a stated preference (SP) survey was performed. An exploratory analysis of the 2200 responses from the survey revealed negative interest towards HOT and TTI option in accordance with common wisdom and previous studies. However, it is found that travelers are less negative about TTI than HOT alone, supporting the idea that TTI could make HOT facilities more appealing.

This paper was sponsored by TRB committee AHB35 Standing Committee on Managed Lanes.

01584066

16-1998

English

13p

2016

Transportation Research Board 95th Annual Meeting

Digital/other

Figures; Maps; References; Tables

Financing; High occupancy toll lanes; Insurance; Managed lanes; Road pricing; Stated preferences; Travel time

Refunds

Phoenix Metropolitan Area

Finance; Highways; Operations and Traffic Management

Transportation Research Board Annual Meeting 2016 Paper #16-1998

TRIS, TRB, ATRI

Jan 12 2016 4:52PM