+1000
Insurance is you betting the insurance company that a tragic event will happen to you and/or your possessions.
Son had a motorcycle stolen in San Antonio from the parking lot directly in front of his employer's in broad daylight. Security cams got video. He had good insurance, no claims for years(deductible had shrunk to zero for no claims), and wound up with a bike much better than the one that got stolen. His bike was found about 6 months later when SAPD served a warrant on some loser for something and happened upon my son's stolen bike behind the guy's rented house.
Another side story on insurance.
When young and foolish, JC got involved with a looney tune woman. When JC got involved with his current wife, the looney tune broke into JC's house and vandalized it and band gear(we practiced at my place). A roadie had gone there to get a piece of gear that needed work and ALMOST caught the looney(she ran out the back door, tennis shoe print in wet soil there). He waded through the 1 inch of water, turned off the wide-open faucets, unplugged bathtub drains, and called me. Insurance co paid up the full replacement cost and then.....cancelled my policy.
Yep, insurance is weird. You're wagering that trouble gonna' come your way.