For your car note, insurance is only worth it if the thing being insured can ruin you if something were to happen to it. In the case of cars, you can potentiall

For your car note, insurance is only worth it if the thing being insured can ruin you if something were to happen to it. In the case of cars, you can potentially get ruined from the value of the other party's car. But if you live somewhere where most people drive normal cars, it might be worth it not having insurance. Our culture of insure everything, from your iphone to house is a market failure. If your house were to burn down, the value of the asset is still mostly concentrated in the land.