The federal government should implement legislation that would require every gun owner to obtain an insurance policy for each gun. If a weapon is involved in a crime or accident resulting in injury, the insurance company would pay substantial compensation to the victim. In any case, the perpetrator would still be criminally and civilly liable.
By using insurance to regulate guns, the free market would determine which guns and which gun owners are the most dangerous. Owners could decrease their premiums by implementing safety mechanisms such as gun safes, background checks,mental health evaluations, trigger locks, and gun safety programs. Insurance would greatly reduce the number of dangerous weapons without an outright ban any specific weapons.