Posted on 04 Jun 2013 by Neilson
Latest figures show proposed state and federal laws are having an effect on the gun insurance market. "Me New Markets" insurance journal just announced that people are beginning to add gun insurance to their insurance policy packages more than ever before, and the trend is observed across the nation.
In fact, a few days ago, Forbes announced that the idea of getting gun insurance now is getting more traction, as people fear that gun insurance will go up dramatically should there be a change in gun laws, which includes mandatory gun insurance.
Scott Wilson, president of Best Shot Insurance, believes the trend is because people fear they will have their guns taken away under the proposed legislation, and they feel they should exercise their Second Amendment right.
He says this has caused insurance agencies across the nation to update the services they offer to include insurance for weapons. In addition to offering home insurance, car insurance, motorcycle insurance, life insurance, business insurance and health insurance, carriers are adding gun insurance. However, in order to obtain the best possible insurance, clients need to be educated on their options.
Gun insurance can be extremely complex, because it not only varies from state to state, but there is also a major difference between obtaining insurance for a concealed weapon. Industry experts say it is up to each individual insurance agency or insurance agent to educate the consumer on their rights and coverage options.
If proposed gun legislation passes, industry experts say insurance premiums will go up. But for now both insurance companies and consumers are eagerly waiting to see what will happen next, while insurance agencies expand their gun insurance options.
However, the story changes when it comes to automatic weapons. Insurance companies in the United States are beginning to ask questions about automatic weapons they did not ask before, and many are denying coverage.
Industry experts advise consumers to thoroughly research their insurance options even prior to exercising their Second Amendment right to own a gun.
For example in California, democrats are proposing legislation that would require California gun owners to buy liability insurance to cover damages or injuries caused by their weapons. This means that major insurance companies, such as Mills Insurance Services, will add this option to their list of insurance programs.