Ron Strider
Well-Known Member
Drivers could expect to see a hike in their auto insurance rates down the line in a New Jersey with permitted use of recreational marijuana, based on crash data from states that already have legalization laws in place.
The Highway Loss Data Institute -- a research organization wholly supported by auto insurers -- says legalization of recreational marijuana in Colorado, Oregon and Washington resulted in a rate of collision claims that's about 3 percent higher than would have been expected without the updated laws.
"We are seeing rates go up, and one cause of rates climbing in these states is the presence of recreational marijuana," a spokesman for the insurance industry, James Lynch, told New Jersey 101.5.
At $1,375, New Jersey's average auto insurance premium ranks as the 14th-highest among the states, according to a July report from Insure.com. The national average is $1,318.
With the election of Phil Murphy as governor earlier this month, legalizing pot was expected to a front burner agenda item in Trenton. Murphy's campaign included calling for legalization, both to end the disproportionate jailing of blacks but to also claim $300 million a year in taxes from a regulated market.
Watch the video at the top of the page for more information on the state's tax revenue from marijuana sales.
However, several lawmakers, including Democrats, have expressed reservations of late, and state Sen. Ronald Rice, D-Essex, last week called for hearings, "to make sure that we really delve into the details of this issue,'' he said.
Rice listed the potential increase in motor vehicle accidents from impaired driving as a concern
Christine O'Brien, president of the Insurance Council of New Jersey, told New Jersey 101.5 that insurers in the Garden State are monitoring the trends elsewhere, but that rate hikes would not occur in anticipation of increased crashes and claims.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: NJ legal marijuana may also mean car insurance gets high
Author: Bob Jordan
Contact: Customer Service Contacts | Asbury Park Press
Photo Credit: Getty Images
Website: Asbury Park Press NJ | Jersey Shore & New Jersey News
The Highway Loss Data Institute -- a research organization wholly supported by auto insurers -- says legalization of recreational marijuana in Colorado, Oregon and Washington resulted in a rate of collision claims that's about 3 percent higher than would have been expected without the updated laws.
"We are seeing rates go up, and one cause of rates climbing in these states is the presence of recreational marijuana," a spokesman for the insurance industry, James Lynch, told New Jersey 101.5.
At $1,375, New Jersey's average auto insurance premium ranks as the 14th-highest among the states, according to a July report from Insure.com. The national average is $1,318.
With the election of Phil Murphy as governor earlier this month, legalizing pot was expected to a front burner agenda item in Trenton. Murphy's campaign included calling for legalization, both to end the disproportionate jailing of blacks but to also claim $300 million a year in taxes from a regulated market.
Watch the video at the top of the page for more information on the state's tax revenue from marijuana sales.
However, several lawmakers, including Democrats, have expressed reservations of late, and state Sen. Ronald Rice, D-Essex, last week called for hearings, "to make sure that we really delve into the details of this issue,'' he said.
Rice listed the potential increase in motor vehicle accidents from impaired driving as a concern
Christine O'Brien, president of the Insurance Council of New Jersey, told New Jersey 101.5 that insurers in the Garden State are monitoring the trends elsewhere, but that rate hikes would not occur in anticipation of increased crashes and claims.
News Moderator: Ron Strider 420 MAGAZINE ®
Full Article: NJ legal marijuana may also mean car insurance gets high
Author: Bob Jordan
Contact: Customer Service Contacts | Asbury Park Press
Photo Credit: Getty Images
Website: Asbury Park Press NJ | Jersey Shore & New Jersey News
