Is insurance (on the whole) 1 bloody great scam?
I ask because I don't have insurance on my contents, my loans or anything. When you finally do stipulation to make a claim, its in close proximity damn impossible to do so. Maybe its just me, but I despise insurance.
Although I agree with saloon insurance, which I'd consider mandatory.
I dunno, maybe I'm a hypocrite.
Answers:
I used to work contained by the insurance industry, and the main concept I took away is that you insure for the big things. Don't breed little claims on a broken window, stolen Ipod, stuff approaching that; it's there for huge liability settlements against you within a traffic accident, or if your house burns down, or thieve come in while you're away and remove everything you own.
That's why it's OK to enjoy a high deductible. It reduce your premium, and the extra $1,000 or so you might have pay packet before settlement wouldn't give the impression of being so large if the settlement is $100,000!
And yes, the business of insurance companies is to brand profits, so they are intransigent when it comes to actually paying out. It's a drag, but you are entitled to the money, so hang up in within.
Other Answers:
YES!
It preys on your fears of what if...?
And makes you perceive that bit more confortable that if their was a problem, you are covered.
Yes. If you can afford to withstand the loss then don't insure. Insurance premiums cover everyone elses losses, false claims and paying fatcats' salary. Over a period of time you'd be better past its sell-by date just paying yourself for the losses.
Car insurance is a allowed requirement and liability claims are potentially unlimited.