Opportunity Cost

You might wonder whether a traffic improvement plan is worth the cost and effort. That time and
money could go into making improvements, rather than just planning them. The opportunities
you give up when you choose an option are called the opportunity cost. If you choose to spend
part of your budget on rebuilding a road, the opportunity cost is everything else you could have
done with that money, but chose not to.

Consider the opportunity cost of not planning. What if you put that guiderail in a place it is
not needed? Whether you use road safety audits or more traditional accident pattern analysis
techniques, proper planning will help you avoid costly mistakes.

Once you have a safety improvement program in place, discuss it with your municipal insurance
agent. You might benefit from a loss-control analysis that could result in lower premiums. You
could even say that if you have had liability claims, feel you are likely to have future claims,
or have to insure against claims, then you can afford to have a safety improvement plan.

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