Yo, what’s good? It’s ya boy Dan, and I got some news for all y’all out there. According to a study done by the University of Iowa, car insurance premiums have gone down in states that legalized medical marijuana. Sounds lit, right? The reduction in insurance costs suggests that driving under the influence of cannabis might not be as risky as driving under the influence of alcohol.
The study found that states that legalized medical marijuana experienced a decline of at least $22 per driver in the first year after legalization. This is based on a ZIP code-level analysis of insurance data. The decline was even greater in areas that had high levels of driving under the influence (DUI) before legalization.
Professor Cameron Ellis, who’s a finance professor at the University of Iowa, said that while marijuana is bad for driving, alcohol is much worse. He noted that alcohol tends to make drivers more aggressive while marijuana has a mellowing impact and increases awareness of one’s limitations, causing drivers to be more careful.
Some people have switched from drinking to using marijuana for recreational purposes, which has also contributed to the decline in DUIs and accidents. But we know some haters are out there saying all impairment is dangerous.
However, the U-I study effectively refutes that claim because alcohol and marijuana affect drivers differently. While alcohol may make drivers more confident but also more reckless, marijuana makes drivers more careful and paranoid about getting caught by the cops.
The study also found that legalizing medical marijuana has already prevented health costs associated with crashes totaling roughly $820 million. An additional $320 million might be saved if medical marijuana was allowed nationally.
So, what does this mean for you? If you live in a state where medical marijuana is legal, you might be paying less for your car insurance! Insurance companies are revising their underwriting guidelines and premium estimation methods to reflect the reduced risk profile of policyholders in these states.
Policyholders who use medical marijuana should be open and honest with their insurance companies about their usage. This will help insurers accurately estimate risk and provide more suitable premium rates.
In conclusion, driving while under the influence of alcohol is way more dangerous than driving while under the influence of cannabis. So, it’s good news that premiums have gone down in states where medical marijuana is legal. Stay safe out there, guys!
