I have liability-only car insurance (and high limits at that) but not collision/comprehensive, as I can readily write a check for a replacement car. (My car is worth about $5K; my wife's car about $7K.)

I have home insurance as I'm required by my mortgage to have it, but also because losing the house would be lifestyle-changing.

I don't insure risks that wouldn't be lifestyle-changing (unless legally mandated). I'd wager that $650 for a round of drinks isn't lifestyle changing for most golfers.

This insurance makes extended warranty plans for electronics a positively great deal in comparison...