Bitcoin Forum

Any insurers out there who offer policies payable in Bitcoins? If not why not?

It should be popular as a choice based on principle.

The problem with insurance companies and others like them is of course you have to submit a mountain of paperwork and personal information about yourself in order to even be considered for an insurance policy, I would love it if we could get anonymous insurance, or even anonymous car insurance ( here in the UK it's compulsory ) but with the way things are Bitcoin stands against everything that insurance companies and other companies like them believe in so they'll probably be the last ones to fall or accept Bitcoin I suspect.

PeerCover is in development right now.

Pitched at Bitcoin 2013, PeerCover allows you to control your own insurance and pay only when a claim is made. No more premiums. No more paying the overhead and profit of insurance companies. You can pay in any currency. I would link you to a Ripple forum thread on PeerCover, but the site seems to be down right now.

Here (https://ripple.com/forum/viewtopic.php?f=1&t=2382) it is. The project is semi-open source. Anyone who wants to jump on can. About 3k lines written total. Probably 1/4 done. Will end up being 12k lines. Business models look solid as well so it will be self-sustaining.

This is a very interesting idea, the problem is you're going to have to get governments to accept it as legal insurance, in which case it's pointless, like with currencies there is a monopoly over insurance policies, like I said in my earlier post, we have compulsory car insurance in the UK, so you'd have to make sure to provide legal paperwork before you operate in that country as well as others and if someone wants to make a claim there's all other sorts of bureaucracy and even attending court.

I think it would be practical in a purely Bitcoin economy where we finally got rid of paper money, but as it stands now I suspect insurance companies aren't going to go along with it and exercise their influence.

By paying people directly and ditching the old premium model, we can skirt all the old insurance regulations and categorizations until we gain traction. Then we can tap our government contacts and lobbyists when we are more established in order to get that classification so vital to compulsory insurance compliance.   

See here (https://bitcoinstarter.com/projects/85) for the bitcoinstarter for the project.

Saw the model of Bitinsure.....nice idea.

About a week ago I contacted a couple of traditional insurers who claim to insure anything. None have as yet replied. I specifically asked for quotations on

1 Theft from wallet (deposits) from approved depositories

2 Loss from collapse/ bankruptcy/chapter 9 or similar of depository/wallet provider

3 Loss in transfer

I could find no links to PeerCover on Google.. is Bitinsure /PeerCover one and the same?

Here is an insurance company that accepts bitcoins.

http://www.bmins.com/bitcoin.html