CCW insurance is financial protection against the costs of possible criminal prosecution or civil lawsuits if the person you shot in self defense or their family members sue you.
Before you can decide how valuable CCCW insurance may be for you, we should first explore the potential costs of using a firearm to protect yourself.
The two main financial risks after using your firearm in self defense are the costs of defending yourself in a criminal trial if you are prosecuted and/or in a civil trial if you are sued by someone.
Even though you used your CCW firearm in self defense that you believe was justified, you still may be prosecuted. Either the evidence doesn’t clearly exonerate you or you may be an example for an anti-gun prosecutor to make. Either way, you might need bail money to get out of jail and you’ll need to hire a criminal defense attorney which will likely require $20-30,000 up front and more money as your case continues. It is not unreasonable for a criminal defense case to cost a few hundred thousand dollars.
If there’s a civil case (someone sues you), which can happen with or without a criminal case, the financial cost can be even higher because you not only have attorney’s fees, you also run the risk of a potential judgment against you and you run the risk of having multiple lawsuits at once.
If this isn’t a grim enough picture, now think about what money you might need because you might lose your income while the trials are ongoing.
Depending on which CCW insurance option you choose to go with, these costs can all be covered for you. In addition, some plans will give you a per diem (personal money per day) to offset your lost income during trial and also give you access to resources like counseling and property repair.
So, is CCW insurance for you?
I can’t answer that question for you any more than I can answer whether health insurance is right for you. CCW insurance is a smaller cost per month as protection against a possible insurmountable cost later.
I don’t know your monthly budget, your risk tolerance, nor whether you have a half million dollars in a bank account just waiting for you in case you have to use your firearm to defend yourself.
As you make this decision for yourself, I encourage you to ask yourself these questions:
- What do you think the likelihood is for using your firearm in self defense?
- Do you have the financial reserves ready in case you have to defend yourself?
- If you have a family, how will a financial hit of this size affect them?
For me, the decision came down to this: Am I someone that prepares for scenarios or just hopes that they don’t happen?
If you are someone who has a CCW and carries a firearm, I think we might belong in the same group.