The New Year's Eve ball rests at the top of a building overlooking Times Square, in New York, Tuesday, Dec. 27, 2016. The dropping of the ball has been a tradition in Times Square since 1907. (AP Photo/Seth Wenig)

For many, New Year’s Eve means Champagne, parties, watching the ball drop in Times Square or quiet dinners with friends.

Unfortunately, as many insurance companies can attest, the holiday also means a lethal combination of alcohol and crashes. But, according to recent analysis from the Insurance Institute for Highway Safety (IIHS), Jan. 1 is the deadliest day on average for alcohol-related crashes involving a motor vehicle, pedestrian or bicyclist.

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