Originally Posted by Timequake

I think you and everyone else misunderstood my point. If you look at the monthly insurance premiums you pay, then deduct the amount actually paid out to you by insurers when you make a claim, you will realize you are paying in way more than you are getting out of it. That's why insurance companies exist. They make money off of consumers' fear and bad math skills. And they make a lot of it!

Statistically speaking, you would be far better off financially if you took the money you paid on insurance premiums and put it in a savings account to draw from if ever you needed to.