« on: July 11, 2014, 06:42:13 PM »
Insurance is a casino game between you and the insurance company in which the odds are stacked in their favour. Many years ago, I was given the advice that you insure yourself only against events that happen very rarely and are too expensive for you to cover. If you can afford to replace your gear, then don't insure it because the insurance companies have the odds stacked in their favour - they make a profit because on average the insurance premiums cost more than the cost of repairs and losses.
So I take it that you don't insure your house or car either? Of course insurance companies are out to make a profit, they can't provide that service for free! The model is for them to spread the risk over many in hopes of reducing their risks and keeping the premiums lower for everyone in the group. That's just how it works.
You clearly haven't read what I wrote and you don't understand odds. I insure my house because I could not afford to replace it if it burned down. I don't insure my washing machine because I can afford to replace it if it breaks down. I don't bother to insure most of my photographic gear because I am more careful than the average bear and rarely drop or lose items or leave them where they can be stolen and I can afford to replace them. If I insured them I would be paying over the odds to have the insurance company make a profit and to pay for all those careless individuals who don't look after their gear.