IST Statement on DOT Increase of Value of Statistical Life

The Institute for Safer Trucking commends the Department of Transportation for addressing one of the recommendations in our Regulatory Roadmap for the Biden Administration, increasing the Value of Statistical Life (VSL) in U.S. Department of Transportation Analyses. The new VSL is now $11.6 million.

Prior to this year’s increase, the VSL had not been raised for several years. It is important that this figure, which the DOT uses to help quantify the benefit of saving a life due to a policy, is adjusted periodically. As the Federal Motor Carrier Safety Administration and National Highway Traffic Safety Administration move forward on life-saving rulemakings, this update will create a more realistic cost-benefit analysis. 

We hope this is the first of many actions the DOT will take to make our roads safer. The Institute for Safer Trucking looks forward to working with Secretary Buttigieg, Deputy Secretary Trottenberg, and others at the Department to create sensible policy solutions that will use the new VSL as part of their cost-benefit analyses.