[undercoverbrother]

Originally Posted by stone hands

there's only 3 instances where you should get insurance:

1. you are forced to
2. you can't afford the consequences of not having insurance (house burning down, long term disability, etc)
3. if you are riskier than the average person in whatever field you are looking at insurance for, like if you're expecting a baby or something or enjoy street racing on the weekends

in most other cases you're far better off just banking the money you would be paying for something you will never use and pay for it out of pocket in the extremely unlikely chance that you actually require it. i only have liability on my vehicle because if it gets totaled...i will be able to buy a new one in cash and still come out ahead

its not entirely a scam, but its almost entirely unnecessary for most people

That is a very level headed way to look at it.

Liability on your vehicle is required, so take it out.

Building insurance on your home is required if you have a mortgage, so take it out. But you don't have to buy contents coverage or ALE coverage.