> Let's say I have auto accident and I'm liable for million dollars. The likelihood of such event is low. Such event probably would result in bankruptcy, but it

> Let's say I have auto accident and I'm liable for million dollars. The likelihood of such event is low. Such event probably would result in bankruptcy, but it's not much worse, then constantly paying extra for insurance. So, there is "no wiping out" in this seemingly catastrophic event. Consider the same accident and you fracture your spine, leaving you paralyzed neck down. Insurance (at least in the US) affords you access to medical care, and access to follow up therapy and other resources to (hopefully) recover completely. If you have limited resources and no insurance, the consequences are a lot worse than bankruptcy.