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Moreover, insurance is a bet against yourself. When assessing insurance I always go through this exercise. For example, optional auto insurance when renting a car is routinely extremely overpriced. A good way to reason about it is "Would I bet $20/day that I'm going to have an accident in this car for the next 3 days?"


it would be more accurate to say:

Would I bet $20/day that something will happen to this car that would make the rental car company want to be reimbursed for?

Depending on rental car company the limits of scratches, dents etc .. can be very low.


And those scratches, dents, or even more could be entirely not your fault. Heck, they could even happen when you're not in the vehicle.

So effectively it's a bet against you, other people and more generally the world.




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