So far in my life I haven't come close to breaking even on my car liability insurance. I haven't filed a single claim on my home insurance. I guess it's a wise decision to cancel these. Instead I should just try harder to not have my house destroyed in a storm or have an auto accident.
You absolutely should try harder to not have an at-fault auto accident for your and other people's sake. I'd also recommend having massive dying trees cut down near your house.
I've used a 2% cash back credit card for the last 5+ years. If the CC Company offered to make it 3% in exchange for reduced or inhibited fraud insurance I would seriously consider it.
I've also foregone health and home insurance in some instances.
But I appreciate that risk assessment is absolutely not for everyone.
> I'm also foregone health and home insurance in some instances.
Why do you bother with either? Just try harder to not get sick and try harder to not have your house burn down. Are you not actively trying as hard as you can to prevent your house from getting destroyed? Are you not trying to stay healthy?
But after thinking about it a while I realized that I've probably paid more in this hidden premium than I've recovered from reimbursement. Until COVID hit and I had to refute multi thousand dollar plane tickets that were never able to be used. Will I have paid more for the premium or less by the end of my life? No idea.
What it ultimately comes down to is the value, role, and scope of insurance. That's a massive debate of its own.