Originally Posted by auerbach | view 154783

It's NOT a fair coin-toss. It's NOT a group deciding to all contribute to protect anyone who loses everything from a lightning strike.It's a scientifically calculated profit-maker. The insurers are the experts in what is likely to fail when; their lawyers are the experts in protecting their clients, not their clients' customers. And they are the experts in marketing this coverage, which is designed to protect what doesn't need protection and vice versa. (Never covers "normal wear" or "misuse" or "failures related to maintenance for which there is no proof of having been performed at an authorized dealer" or whatever.) Not buying this insurance is not going without protection. Say it gives coverage for five years. Without it, you have factory coverage for, say, three years. Suppose it costs $1000. By the time the coverage period is well in effect, that might be worth $1500 (depending on whether you'd have to borrow it, or if not, on your investment skills or luck). Thus, you have around $1500 of self-insurance, which if you don't use, you simply keep. No claim forms, no arguments, no exclusions. Isn't that the best kind?