Quite simply there is no crime and punishment at the moment. The 'penalty' for crime is negligible, unless you are bad at parking, then it's a lethal response. Fur murder, well it's a tiny fine.
I think I'd rather have something like:
In order to dock you need to be neutral or above with the faction controlling the station/port.
If you commit crime, then your rep with system factions falls/rises depending upon whom the crime was committed. So, you hit an NPC affiliated to System Gold Inc then System Gold Inc issues a bounty to be paid from your own assets and drops your rep. Same with killing a player. (both instances are where a bounty would be given now for murder). Rep drops proportionately with the victim's status with factions.
So victim is allied -> huge rep drop
Victim is neutral -> tiny rep drop (just factions in system)
Victim is hated -> huge rep gain
This applies to all factions with whom the victim has a non-neutral status. Neutral status is just the system where the crime happened.
Now, this forces some form of consequence. The more murder the lower your rep. The lower your rep the more likely you will be scanned, and crucially docking privileges are revoked. The more systems you do this in the fewer places you can dock. Your actions start to limit your game.
To get rep back you'll need to find faction missions where you can still dock. If that's not possible, well tough. Should have thought about that earlier.
Of course, if you decide to go on a murder spree to help 'Pirates of Penzance' you'll end up allied to them.
When a bounty is set your insurance is void, so the full cost of the ship will need to be paid upon destruction. The cost of the ship is also part of the bounty, so it's whatever the credit bounty is, plus the ship's rebuy in the state it was when the bounty was incurred. Swapping to a sidewinder won't help you.
So, no suicidewinder to help you. Game becomes increasingly limited.
When bounty is collected the bounty hunter gets the bounty, the issuing faction gets the cost of your ship. Cost of ship is just once, for the highest cost when a murder is committed (avoids first attack in a cheap ship). So no 'mate kills me, gets bounty, we all win'.
Also, force you into open and show you on the galaxy map via the bounty board.