Do you have a dumb question that you're kind of embarrassed to ask in the main thread? Is there something you're just not sure about?
This is your opportunity to ask questions. No question too simple or too silly.
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Notes -
Losing your car to an uninsured hooligan sucks a lot, disrupts your whole life, and happens once in a blue moon. It's happened once so far to me, and has happened multiple times to almost every responsible adult I know. Even if there must always be some "house edge", I'm wanting UMPD coverage just to take the edge off the impact to my life.
What I resent is paying the additional premiums for full Collision coverage which also "insures" me against my own irresponsibility, at a premium based on the responsibility of my demographic peers. Even if there were 0 house edge, that's still a bad bet for me because of the massive behavioral component.
What do you mean by "losing your car"? Are you saying everyone you know has totalled their car multiple times to an uninsured hooligan? I don't think I know very many people who have totalled their car for any reason. Personally, I have never been in an accident that did more than damage a bumper.
Even if this is your situation, it doesn't make sense to buy insurance for something you expect to happen a few times in your life. Savings and loans are tools that already exist to even out the expense over your lifetime. Insurance adds an unnecessary cost to this.
Now, if you are unusually prone to getting into accidents and your insurer doesn't know that, then it makes sense, but this averse selection is exactly why it wouldn't make sense for most people.
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