Maryland House Democrats introduced a controversial gun safety bill requiring gun owners to forfeit their ability to wear or carry without firearm liability insurance.
Introduced by Del. Terri Hill, D-Howard County, the legislation would prohibit the “wear or carry” of a gun anywhere in the state unless the individual has obtained a liability insurance policy of at least $300,000.
"A person may not wear or carry a firearm unless the person has obtained and it covered by liability insurance issued by an insurer authorized to do business in the State under the Insurance Article to cover claims for property damage, bodily injury, or death arising from an accident resulting from the person’s use or storage of a firearm or up to $300,000 for damages arising from the same incident, in addition to interest and costs,” the proposed Maryland legislation reads.
So how much could such insurance actually cost? Does anyone have the numbers to do the maths?
Say a single policy covers any number of guns a person has. So we need a number of people owning guns.
A death is definitely 300k payout. What kind of payout, on average, would injury be? Also 300k because healthcare costs are insane? Less than that?
How many people are killed using a gun every year?
How many are injured?
I wonder what the pure business cost would be for the insurance. I don’t actually know how large a profit margin insurance companies run, would curious to sort of blindly apply that here as well.
Seems in line with potential costs:
https://mynorthwest.com/33921/even-in-self-defense-can-you-afford-to-pull-the-trigger/
You have to remember than homicide and suicide will not be covered by insurance, this is just for unintentional damage… I have a strong feeling this will be considerably cheaper to insure than cars considering that cars have way more injuries and deaths when you don’t count intentional stuff.
The basic math is pretty simple. (Estimated payouts + profit margin) / customer count = monthly payments. Then you start weighting it based on risk factors. Criminal record? Your premium goes up. Take an annual gun safety class? Your premium goes down. Insuring an AR-15 with a drum magazine, bump stock, and grenade tube? Uninsurable. Insuring a .22 Beretta? Cheap.