“Is concealed carry insurance worth it?” is arguably the most argued question among new CC-licensed gun owners. Like everyone else, I expect your answer to fall on either side of the spectrum. Some say the industry is a scam. Yet, there are CCW holders who buy a lot of coverage, typically spending up to hundreds of dollars every month for subscriptions.
First Off: Concealed carry insurance is worth it, but you will never find its benefits until you have to use your concealed firearm in self-defense.
Understanding What a Concealed Carry Insurance is
Before going further, you have to know that CCW insurance isn’t insurance as you know it. The word “insurance” is a misnomer in this case. This implies that you aren’t purchasing an insurance plan; rather, you’re becoming a member of an organization that provides you with legal coverage if you ever draw your weapon.
Odds — Stacked Against you or For you?
Since there’s no possibility of reaping the benefits of your monthly subscription payments except if you use your concealed weapon in self-defense, it becomes imperative to see how likely that is.
To this regard, there are plenty of opinions but little actual data.
For instance, in a study centered on the National Crime Victimization Survey, Harvard University estimated that less than 1% of crime victims pulled their guns to defend themselves. Yet, one doesn’t have to go very far to find the Gary Kleck & Marc Gertz research that claims that about 200 000 Americans pull their gun in self-defense every year.
A tricky road to navigate, but if we’ll be honest, there is a typically slim chance that you’ll ever be required to pull your firearm in self-defense.
But has insurance ever been about the odds or aftermaths?
The common line of defense pulled by those who claim concealed carry insurance is worthless is this: “you’ll never have to pull your Glock in self-defense, boy!”
Not far off from the truth, really, but should this matter?
Let’s consider some other types of insurance & the odds associated with them.
- The National Fire Protection Association estimates that the probability of losing your home in a fire is 1/3000.
- The University of Chicago reported that you have just a 0.5% chance of your house being struck by lightning every year.
- Lastly, there are estimates that the possibility of a tornado hitting your home is 1/1000000.
The odds suggest that losing your home to a catastrophe is very much unlikely. Yet, homeowners insurance is one of the most popular schemes among homeowners. Why?
To mitigate the huge financial loss that’ll be associated with losing your home.
In simple words, we purchase a homeowners insurance policy to avoid spending a lot should our home ever get damaged in a disaster.
This brings us to…
The Financial Truths of Shooting for Self-defense
While the American constitution allows the sane ones to own guns & go about with it, it does not handle shooting with levity. You’ll be facing many consequences when you shoot at a person, regardless of the reason.
Here are few things you can be sure of if you pull your concealed firearm in self-defense:
- You’ll be put in handcuffs & escorted to the station for interrogation.
- You’ll be facing several criminal charges.
- You may be arraigned before a judge who’ll set bail for you.
- If you can’t get someone to pay bail for you, you’ll be remanded in custody.
Now, let’s consider the costs to be settled in these few implications.
Finding & Hiring an Attorney
Finding an attorney may not be difficult, but settling him financially can be. Attorneys are quite costly, you see, especially when you’re looking for one who’s well experienced in criminal cases and not the routine civil issues.
For a start, an attorney will demand a retainer fee before work starts. Your representative will have to make these arrangements, as you’ll most likely be in jail by now.
Sorting Your Bail Within 24 Hours
To be released from jail, you need to have a person who’s willing & able to pay the bond. If unavailable, you can arrange with a bond agent. Usually, you’ll need to provide the bond agent with about 20-30% of the total bond.
For example, if your bail is set at $100 000, you must first deposit about $20 000 with the bond agent. Try to get things clearly: you already need thousands of dollars within 24 hours — an impossible feat for many families.
After the Initial 24 Hours — Going the Long Haul
Should the district attorney decide to continue pressing charges, it can become expensive & weary. Defending a legal charge is not as you see it on TVs. There are high costs associated with mounting a criminal defense, and attorney’s fees are merely the beginning.
Other costs that come with a legal defense include finding expert witnesses, investigation & discovery costs. Let’s not forget that the time spent meeting your attorney & going to the courtroom will hurt your income. Plus, your employer may be unwilling to associate with an ‘accused’ person for his company’s reputation.
The costs that accompany your defense in criminal court can be as much as hundreds of thousands of dollars. I doubt that a lot of concealed carry holders can pay such fees without experiencing total financial ruin — IF they can pay them in the first place.
So, Is Concealed Carry Insurance Worth it?
A concealed carry insurance is worth it. There’s no denying that with the exorbitant fees that come with having to mount a criminal defense yourself. And we haven’t even considered what happens if the person you shot at dies. By owning this insurance, you’ll be in a much better place to get things going should disaster ever come knocking.
So, is concealed carry insurance worth it? You bet there is only one answer to that: yes, it is!