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Maryland bill would force gun owners to get $300K liability insurance to wear or carry
(foxbaltimore.com)
this post was submitted on 01 Feb 2024
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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.
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.
Seems in line with potential costs:
https://mynorthwest.com/33921/even-in-self-defense-can-you-afford-to-pull-the-trigger/
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.