This paper investigates how individual time preferences, particularly present-biased tendencies, influence peer-to-peer (P2P) insurance models within the sharing economy. By incorporating present-biased preferences into insurance demand theory, we develop a model to explore the effects on optimal risk-sharing and utility. Results indicate group size significantly affects risk distribution, with larger groups enabling more effective risk-sharing and lower costs. Furthermore, the study highlights the role of time preferences in shaping utility in P2P insurance, providing valuable insights into the intersection of behavioral economics and insurtech innovation.