If you can afford to eat the loss, don’t insure it.

Obviously insurance companies make money on average for every policy. If they didn’t, they would go bankrupt. So on average, every time you buy insurance, you lose.

So insure only what’s required by law, or things that would throw your life off track if they vanished.

My insurance is getting to the point where I might do the same. My car is worth maybe a third of what it was new, and my monthly insurance bill is the same, it's nuts. I may go with a significantly higher deductible as a compromise.

I've eschewed collision insurance, and what I've saved on those premiums are far more than the cars were worth.