Insurance companies are supposed to have a reasonable underwriting profit if they're doing a good job modeling risk and a profit derived from investing premiums.

"Seldom" is enough to make it worth it. It costs like $2-3K to insure an exotic per year. One small accident over 10 years would recoup your cost.

I have never gotten into an accident in the last 15 years, however, I had had one of my cars hit in a parking lot and I've had my share of close calls.