I know you shouldn't argue on the internet and I even get what you are saying about managed risk and keeping money aside in case, but it just doesn't always add up and that is why I have always had at least third party insurance.
I have not had an accident since I started driving 14 years ago. 2 weeks ago I got momentarily distracted while driving and drove into the back of a car. Not a bad accident and my daughter was fine which was all I was worried about. It can happen easily and fast. Someone ahead braked suddenly, the traffic behind them had to brake, the driver in front of me didn't notice and had to brake extra hard, I found myself 10m away from a stopped car and doing 50kmh. I probably hit them at about 15-20kmh. Not enough to pop the airbag, but enough to stuff the front of our car and the back of theirs.
If I do your math of putting money aside that is about $40 per month for 14 years = $6720. That is less than it cost to fix both cars so I am already in the black. If I had hit a Merc or similar exotic instead of a cheap Suby, and I didn't have insurance, I would currently have cause to be worried, but because of insurance, I don't. Accidents happen and all the planning in the world won't stop that.
I know, TL:DR, but get 3rd party insurance at least, you may never need it, but it hurts less than paying out of your own pocket if the worst happens.
Try Vultr using this link and get us both some credit:
k1w1k1d: What happens when a loser, with no money or insurance, runs a red light and destroys your uninsured car?
If it destroys my car, I will probably be dead as well - in which case the insurance worth nothing to me at that time.
I don't live in constant fear.
I hope you are single and do not have kids, because your wife/partner/kids deserve a lot more than this sort of (me, me, me) attitude. If you own your own property, I hope you have that insured.
nakedmolerat: Insured or not, it won't stop this from happening.
Correct - Whether insured or not will have no influence on the "event", just the outcome. Eighteen years ago, I was side smashed (at relatively slow speed) by a car who misjudged a corner. He was not insured. My 10 month old $40,000 vehicle was written off due to a twisted chassis. Next day I picked up my hire car (courtesy of the insurance company) and two weeks later I picked up a new car. I can't help but wonder if the insurers managed to reclaim all the money from him and how long it took them, and through how many court appearances?
Like you, I do not necessarily like having to spend my money on the premiums, but there are some things in life you just have to do ...... if only to protect yourself against those idiots and protect your desired outcome.
nakedmolerat: The truth is, the chance of that scenario happen is likely to be less than my chance of getting $10million from Lotto.
Now I know you are talking nonsense. Check out the stats.
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