States with medical cannabis programs have lower insurance premiums than those that don't, according to a new University of Iowa study examining insurance premiums.
What they did: Cameron Ellis, a professor at the University of Iowa's College of Business, examined vehicle crash data between 2014 and 2019 by ZIP code.
In states with medical cannabis, insurance premiums dropped an average of $22 annually per driver. The drops were most pronounced in ZIP codes near dispensaries and in areas with high rates of drunk driving prior to cannabis legalization.
How it works: In states with medical cannabis, people started switching from drinking alcohol to consuming cannabis instead, Ellis tells Axios. The different side effects of both substances have had major impacts on the road.
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