Do you want to lower auto insurance premiums in your state? Legalize medical marijuana, new study says

Legal medical marijuana leads to safer roads and lower auto insurance premiums

According to a recent study, legalizing medical marijuana is associated with lower auto insurance costs due to fewer traffic accidents. According to the report, legalization has prevented $820 million annually in medical costs related to traffic accidents.

According to the report, the federal government could save an additional $350 million if cannabis were legalized. The findings of the study, led by experts from Temple University’s Fox School of Business, are a far cry from the fears of cannabis legalization critics that the streets of legalized marijuana states are being overrun by reckless street drivers.

The study was published by the researchers in the journal Health Economics. They hypothesized that the decrease in accidents, which led to a drop in insurance premiums, was partly caused by fewer people drinking and driving due to the availability of cannabis.

DOES MARIJUANA REDUCE ALCOHOL CONSUMPTION?

Younger generations in the United States appear to be drinking less alcohol, and this trend appears to have increased with the legalization of cannabis. They approach cannabis differently, which contributes to this.

A recent poll found that 58% of Americans believe alcohol is worse for health than marijuana. There’s a significant generation gap: Only 27% of the Silent Generation believe alcohol is more dangerous than marijuana, compared to 71% of Millennials, 63% of Gen Z, 55% of Gen X, and 51% of Baby Boomers.

However, has this notion prompted anyone to switch from drinking alcohol to using cannabis? According to several studies, this is happening. For example, a survey conducted at the University of Washington found that 21- to 24-year-olds who had access to legal cannabis consumed less alcohol in the previous month. Additionally, Massachusetts stated that cannabis sales would surpass alcohol by 2021.

It had even spawned a movement in California called “Cali Sober,” a trend of people stopping or severely cutting down on alcohol and switching to cannabis.

A DECLINE IN AUTOMOTIVE INSURANCE PREMIUMS

The study examined data from 2014 to 2019 from insurers in states with cannabis laws. Researchers discovered that premiums fell by an average of $22 annually after states legalized medical marijuana.

The drop was attributed by the researchers to safer roads, with less drunk driving being part of the explanation. Reduced health care expenses related to car accidents resulted from the link between legalized medical marijuana and improved road safety. In addition, the study resulted in a $1.5 billion reduction in insurance premiums over the years it was conducted.

Additionally, the researchers found that the effect is more pronounced in areas with higher rates of drunk driving and in locations near a pre-legalization cannabis dispensary. The study gives policymakers in states where the use of medical marijuana is prohibited or restricted another topic for thought. Larger states including North Carolina, Texas, Georgia, Wisconsin and Tennessee are among those named.

SAVINGS OF $1.5 BILLION

According to the analysis, the legalization of medical marijuana “has reduced auto insurance premiums by $1.5 billion in all states where cannabis is currently legal, with the possibility of reducing premiums by an additional $900 million if the remaining states adopt cannabis would legalize a total of $2.4 billion in potential driver payment cuts under nationwide access to medicinal cannabis.

We discover evidence of a positive societal impact of medical cannabis on car safety, as the study found that car insurance premiums are closely related to property damage and health outcomes.

The report also found that states that have legalized medical marijuana alone have saved $820 million a year in costs thanks to lower auto claims for health care spending.

THE RISK OF AN ENGINE ACCIDENTS FROM CANNABIS USE IS NEARLY NON-existent

Another recent study found that states that had legalized marijuana had fewer reports of people driving high on cannabis than states that still banned it. Activists and experts have stressed that there is no clear or proven link between THC blood levels and driver impairment.

A 2019 study found that people who drive below the legal THC limit are not statistically more likely to be involved in accidents. Mind you; This is in comparison to individuals without THC.

In 2019, the Congressional Research Service found that cannabis use could have an impact on a person’s motor performance and reaction times. Studies on the impact of cannabis use on motorists’ risk of accidents have produced conflicting results. The CRS noted that some studies find a low or increased risk of accidents from cannabis use.

THE EFFECT OF SECURITY IS STRONGER NEAR THE PHARMACY PLACE

A ZIP code-based analysis found that lower annual premium costs were more significant in areas directly exposed to a dispensary, suggesting greater access to marijuana is driving earnings.

In addition, the study finds “fairly large premium declines in regions with relatively high proportions of drugged drivers prior to medical marijuana legalization.” The authors of the study claim that this is compatible with substance substitution.

The main point is that while drunk driving is dangerous, legalizing medical marijuana can make the road safer by reducing incidences of drunk driving enough to offset it, said co-author and Temple University researcher , Cameron Ellis.

FINAL EFFECT

From reports based on various studies, it was/could be concluded that legalizing medical marijuana will lead to fewer traffic accidents and lower car insurance premiums (since there will be fewer car accidents on the road).

The frequency of road traffic accidents has been shown to be more related to drinking under the influence of alcohol than to marijuana use. While driving while under the influence is absolutely a bad idea, the likelihood of people switching from alcohol to cannabis if it becomes legal and leads to fewer traffic accidents is worth considering.

WILL LEGALIZATION CAUSE MORE CAR ACCIDENTS? CONTINUE READING…

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