nberry:
Grant, you could use that logic regarding all insurance.
I agree. If you can afford to do so (a total loss is not that big a deal), it's almost always the better option to self-insure. Particularly if you invest the premium money...
My financial circumstances would not allow me to brush off a total loss of things like my home and car, so insurance...
As a corollary, if you are moderately wealthy but cannot easily survive a total loss of your house/car, then it is usually financially advantageous to use a much higher deductible. Most homeowners and auto insurance has a $500 or $1,000 deductible with high premiums. If you increase the deductible to $10k or $25k, you'll save a ton on premiums and you'll have fewer claims which also will save on future premiums.
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18 GT3 Manual, 73 Carrera RS 2.7 Carbon Fiber replica (1,890 lbs), 06 EVO9 with track mods. Former: 16 Cayman GT4, 73 911S, Two 951S's, 996 C2, 993 C2, 98 Ferrari 550, 79 635CSi