Let’s reduce gun violence in 333 words

Americans like their guns, with about 300 million guns in circulation.  But they have risks. They kill 33,000 people a year and gun violence cost $229 billion. Per year.

Americans like their cars, with nearly 300 million of them on the road. But they have risks. They kill 37,000 people a year and deadly accidents cost $435 billion.  Per year.  Including property costs for those crashed cars.

These are strikingly similar numbers.  The biggest difference between these two examples?  Mandatory insurance.

To manage the risk of automobiles, we are each required to purchase insurance for our cars which covers the cost of accidental (or intentional) death.  Median car insurance is $1,250 per year.

Gun owners are not required to purchase insurance for the risks of gun ownership.  Gun risk costs $0.00 for owners.  The cost is paid instead by victims.

Actuaries at insurance companies are very good at calculating the costs of risk.  What type of vehicle do you have?  Are you young or old?  How is your driving record?  Where do you live?

Actuaries could become very good at calculating the odds of a gun, or an owner, doing something bad accidentally (or intentionally).  Do you have a history of violence? Is it a .22 rifle or an AR-15?  Kids in the house?  Then insurers pay up if violence occurs.

Governments are incredibly bad at calculating the costs of risk.  Gun registries, waiting periods, prohibitions on gun types and limits on crazy people’s gun ownership are political compromises and poorly implemented.

Imagine what happens after mandatory gun insurance engages the insurers’  profit motives.  Costs will be high for more dangerous guns, reducing their use.  A $1,200 per year, per gun insurance bill, with detailed checks prior to ownership, will reduce ownership.  If personal liability continues even if the gun is stolen or resold, then theft and resales decline, too.

This is not “gun rights” vs. “gun control”.  Keep your guns, if you want.  This is letting the free market price the risk and neatly align the American capitalist way with a Constitutional right.