Just as car owners must carry auto insurance, gun liability insurance would require gun owners to purchase insurance for firearms to cover damages to “individuals whose person or property was in some way injured or damaged as a result of the use of a firearm,” says Robert Hartwig, president and economist at the Insurance Information Institute, an industry group that educates Americans on insurance issues.
The theory behind such proposals is that mandatory gun insurance provides a market-based tool to reward safe, responsible gun ownership. Hypothetically, insurance companies would consider a gun owner’s risk characteristics to determine insurance rates. For example, gun owners who have no criminal record or history of mental illness, take safety courses, own fewer weapons, and store them securely would have lower rates than, say, an ex-convict with an arsenal of assault rifles and a record of domestic abuse.
