Medical marijuana directly correlated to lower insurance premiums
The debate over legalizing medical marijuana has been a hot topic of discussion for the past few decades. Until now, however, there has not been any substantial evidence that suggests that medical marijuana could have widespread economic benefits. A new University of Iowa study provides some much-needed data to help weigh the pros and cons of legalizing cannabis as a tool for economic health.
In the study, Professor Cameron Ellis of the University of Iowa’s College of Business analyzed vehicle crash data from 2014 to 2019 per zip code in states with medical marijuana programs. The results? Insurance premiums dropped an average of $22 annually per driver in those states. This drop was most pronounced in zip codes near dispensaries, and in areas with high rates of drunk driving prior to marijuana legalization.
The study seems to point to a correlation between decreased alcohol consumption and states that have legalized medical marijuana. In addition to this change in drinking habits, cannabis users are also more likely to feel paranoid or anxious about driving due to the drug’s side effects, creating a safer driving environment.
The impact of the study is clear: medical marijuana could be an effective tool in reducing insurance premiums and giving state legislatures powerful economic incentives to legalize cannabis for medical use. Furthermore, fewer individuals driving while intoxicated will make the roads safer for everyone.
Ultimately, by legalizing medical marijuana, state legislatures can improve public safety and save money on insurance premiums. By doing so, they can ensure that citizens have access to safe and affordable options without compromising their wallets. With the results of this study in hand, it is clear that the potential benefits of legalizing medical marijuana far outweigh any drawbacks. It is time for state legislatures to embrace this reality and make the necessary changes that will benefit their citizens and help keep insurance premiums low.