Ahhh, more projected numbers...I can appreciate your breakdowns, but it doesn’t change my perspective. I mean, we already discussed the ‘odds’, chances, random situations, etc. You mentioned I could use that money in my savings account, you Kinda act like I _should_ be thinking of saving the money for something else, when I already made the decision to apply it something I find it necessary for whatever occasion. My savings v.s. what I decide to invest in something I know a company will stand behind is worth more to me than putting that money away for something else. My perspective may not be reflective of yours, but I never regret investing in protection for the more costly expenses in life, rather it be my car(s), tech, house, whatever, I play it as a ‘safe bet.’ To each their own.
It's exactly the opposite of a 'safe bet'
The thing is 'odds' are exactly how insurance companies make money. It's also how wealthy people stay wealthy.... they don't spend money just to make them "feel" better. They "feel" better by knowing they've done the smartest thing with their money
I wasn't suggesting you actually should put money in a savings account and hold it for a phone.... I was trying to get you to see that over time, buying insurance for the phone, you will have spent more money in total than if you didn't buy insurance and had to pay out-of-pocket to replace a phone on the occasion you lose it. It's about the big picture and if you repeat that process across all of the financial decisions in life, then you are much better off for it.
A house and a car are different. The reason being is that you (probably) can't afford to just buy a new house if yours burns down. Same with a car, you probably can't afford to replace a parked Bently if you hit and total it or for someones medical bills. You only insure for what you can't afford.
If it can't help you, I hope these posts help others.
