Despite the importance of reliability, few countries monitor it or explicitly incorporate it into transport policy making. Nevertheless, a number of policy options are available to improve this aspect of transport management. Active management of the network through ramp metering is recognized as an efficient way to control motorway traffic and improve average travel time. Far less is said about the reliability benefits of ramp metering. This paper assesses reliability benefits of ramp metering on the basis of a before-and-after study on the A6W, a French motorway near Paris. Several indicators for travel time variability are applied before and after the introduction of ramp metering. For purposes of taking reliability into account in policy impact evaluation, cost-benefit assessment provides a consistent framework within which to assess the monetized benefits. The monetary value of the reliability benefits of ramp metering is therefore calculated, and the policy implications of the results are discussed. The results suggest that in addition to providing gains in average travel time, ramp metering significantly improves reliability of travel times. It is also proposed that indices such as buffer time or planning time are useful for communicating the results, both for network operators and for users. Failing to unbundle the time-savings benefits of a project between average travel time and the variability in travel time is likely to lead to suboptimal policy solutions. Managing existing capacity better can be a cost-effective way to improve both average travel time and the variability in travel time.