Insurance – why so many Americans believe it's the solution to firearm control

Insurance – why so many Americans believe it’s the solution to firearm control | Insurance Business America

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Insurance – why so many Americans believe it’s the solution to firearm control

New survey reveals that the bulk of Americans think insurance should lead the way

Insurance News

By
Miko Pagaduan

According to a recent ValuePenguin survey, 75% of Americans believe that gun owners should be required to have liability insurance on their firearms.

This finding suggests that insurance companies could be a possible solution to gun control. Gen Zers, those earning more than $100,000, and parents with children younger than 18 were among the most likely to support insurance requirements.

Additionally, 82% of Americans think that gun owners should be held accountable for how their guns are used. This sentiment was especially prevalent among parents with children under 18, as well as millennials.

Divya Sangameshwar, an insurance expert with ValuePenguin, believes that insurance may be the smartest way to push for gun control. “Insurers have always led the way when it comes to safety,” Sangameshwar says.

“Car insurance companies reward drivers with premium discounts for buying vehicles that come with safety features. Homeowners also get discounts for installing smoke and carbon monoxide detectors, erecting child-proof fences around swimming pools, and buying homes close to fire stations. In the case of gun ownership, insurance premiums, and discounts can be used to promote gun safety and pave the way for commonsense safety laws in the future,” she said.

Regarding the type of policy that consumers support, 44% think firearm owners should be required to have a separate insurance policy for each gun, while 31% say a single policy would suffice.

Parents with children younger than 18 are most likely to support multiple insurance policies.

In terms of liability coverage, 77% of respondents think gun owners should have between $50,000 and $250,000 in liability coverage for their guns. Only 7% called for $1 million or more in liability insurance for gun owners.

Regarding responsibility, 82% of those surveyed believe that gun owners should be held responsible for how their guns are used, regardless of who pulled the trigger.

Of this group, 39% say gun owners should be held criminally liable, while 15% say they should be subject to civil liability and 28% say they should be held liable for both. Parents with underage children were most likely to support criminal liability for gun owners.

Overall, the survey found that most Americans support some form of restriction on firearm access, including regulations centered around mental health, criminal history, and age.

Those who have never owned a gun are more likely to say firearm permits should be mandatory, compared to those who currently own a gun. They’re also more likely to believe proof of liability insurance and safe storage should be mandatory.

The survey’s findings suggest that there is significant support for the idea of requiring liability insurance for gun owners. While this idea may not be a panacea for gun violence, it could be one tool to promote gun safety and responsible gun ownership.

Insurance premiums and discounts could also be used to incentivize gun owners to take safety measures and promote the adoption of commonsense gun safety laws in the future.