Originally Posted by
popppa
I agree, but most people don't think about "absorbing" the loss...until it's lost…& just like with computer data…if everything is truly “lost” then it’s never an “oh well-life happens-just shrug your shoulders and walk away” moment. While losing a bag won’t bankrupt most people, you don’t often realize the value of what you have until it’s gone…& if what you had was not otherwise insured or exceeded the liability limits (& most travelers are unaware of what those are), then the loss becomes magnified.
They should have well clear that unless the insurance operates at a loss they are playing a losers game.
The only case when insurance is worth it is to protect from catastrophic, life changing, losses (running over a family of lawyers, house on fire, and the likes).
Incidentally it means the wealthier you are the less insurance you need: besides being a losers game, it also forces those who have less to play more. Talk of a double whammy!
Messrs. Buffet and Gates need no insurance whatsoever.