I've come to the conclusion that the "protection" most insurance companies offer, are scams. Hear me out. While there are one-off insurances, most insurance is monthly or annually. So each year you pay a set amount. Now, consider saving that money instead. Usually, if you can go only a few years without an accident, you would have saved up more than enough to cover that incident yourself with your insurance savings. On top of that, you'd most likely save yourself the hassle of going to court if the insurance company for some reason or another contests your claim, and let's face it, they often do. So not only is the saving a great alternative, but it also insures a payout. The only instance where insurance might be good, is if the amount covered is far larger than you could ever hope to afford yoruself. In this case it might be smart to sign up to an insurance, if there is a high enough risk that you might need it. Even then, simply saving the insurance fee might be a better option, becuause you then have the option to draw interest on it (if it's high enough), or even invest it.