I agree 100% with your statement as I have paid almost 200,000 as insurance premium to my current car and never claimed a penny. But what will you do if your vehicle was stolen? robbed? or fully damaged in a terrorist attack (ie: a suiside attack or something on the road) or a tsunami kinda thing? Thats what I always concern as If I am with third party and any of the above happened to my car, I will loose the whole thing. And I will have to start saving to buy another car and that will take a good 10 years as of our country's 'cheaper car prices'.