Although it’s a little more complicated, generally if you can cover a loss out of pocket, then you don’t need insurance.
Insurance is for losses that will have a major impact on you. It’s putting a price on risk.
Insurance is for losses that will have a major impact on you. It’s putting a price on risk.
In my country a family perhaps pays about €5k total a year for two cars, health, house and the assortment of legal and liability insurance. That is quite modest (not for all income classes though), since there are catastrophes possible in nearly any avenue of life. A minimalist insurance scheme would save one about €2k/yr. That just isn’t that worthwhile utility wise.