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this post was submitted on 01 Feb 2024
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politics
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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.
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.
Seems in line with potential costs:
https://mynorthwest.com/33921/even-in-self-defense-can-you-afford-to-pull-the-trigger/