I only have insurance for stuff I can't afford to cover myself, and have been doing that for perhaps 15 or 20 years.
The reduced premiums which I have retained and invested have enabled me to continue doing so and inexorably make it so that I can afford to cover more and more, needing less and less insurance.
Generally, I have very little insurance except for liability, which falls into the category of unaffordable to self-insure.
30 year old car with no comprehensive, no collision, no glass, no towing, etc. Plenty of liability coverage.
No life insurance (don't need it). No LTC insurance (prefer to self-insure). No disability insurance (FIREd). Bronze HSA policy with $8K deductible (prefer catastrophic coverage). Homeowner's has a huge deductible ($10K? $20K? don't recall).
To emphasize, though, I knew I was taking a risk and made sure I could afford to cover those risks. I did get into a car accident that was my fault and resulted in $4K damage to my car. I paid that out of pocket. But leaning that way, with that philosophy, has been compounding to my benefit during the past decade or two.
I also think that self insuring makes me more cognizant of the risks, and so I do take extra care to avoid things that would cause claims - I don't burn candles or smoke in my house, I take care of my health, and I take care of my car. Not that one can prevent accidents - one cannot - but one can choose to behave in more or less risky ways.
