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The COVID-19 pandemic has drastically impacted people’s travel behaviour and introduced uncertainty in the demand for public transport. To investigate user preferences for travel by London Underground during the pandemic, we conducted a stated choice experiment among its pre-pandemic users (N = 961). We analysed the collected data using multinomial and latent class logit models. Our discrete choice analysis provides two sets of results. First, we derive the crowding multiplier estimate of travel time valuation (i.e., the ratio of the value of travel time in uncrowded and crowded situations) for London underground users. The results indicate that travel time valuation of Underground users increases by 73% when it operates at technical capacity. Second, we estimate the sensitivity of the preference for the London Underground relative to the epidemic situation (confirmed new COVID-19 cases) and interventions …