House (if you have a mortgage) and car insurance are not optional. The bet you'd be making by not having them has much higher stakes.

I haven’t carried collision insurance for decades. There was one exception where I financed an electric car at 0% for a while. Obviously, the lender required comprehensive insurance, most of the cost of which I viewed as the finance charge and paid off the loan and dropped collision coverage once the balance got low enough to make the imputed interest rate unattractive.

You need liability insurance (until you’re ridiculously wealthy perhaps), but fire/structure coverage and collision coverage are much more optional if the home/car value is low enough relative to your net worth.

You can get minimal "liability-only" car insurance (at least in the USA) and still be legally covered.

Called third party in New Zealand, I assume it's basically the same thing.

Likewise, I have car insurance but not contents insurance for my house. I can just buy a bed and a laptop if my (rented) home burns down, everything else is really non essential and can be picked up again slowly.

Living is coastal Florida it makes no sense. My goal is to pay off my mortgage and drop home owners insurance.