I haven't had any insurance I'm not legally required to have, for 20 years now.
It breeds complacency. Best way to halve the road toll would be to ban collision insurance. It should be a crime to run a service where you pay a monthly fee to not have to worry too much about crippling me. Peace of mind should come from competence and nowhere else.
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One is not required to have house insurance, is that something you forego also?
I got it for a year when we started the mortgage, then let it lapse.
Ten years later the bank did an audit and emailed us to say we need it or they'll close out the mortgage. I bought it for another year and let it lapse again. That was five years ago, I think.
House hasn't burnt down and I've saved about $20k.
A guy reversed into me a month back. Fairly minor. Probably $3k worth of repairs. It was a company car, so they decided to just pay me outright instead of making a claim and pushing up their fleet's premiums. So they pay for this thing they might need one day, but then when they need it, it's such a bad product they decide not to use it. So why pay for it?
Yeah, it's a bit of a farce really, a money making scam as such I suppose.
Those huge skyscrapers don't pay for themselves.