No one is the average person. Even average people are not likely to be the average insured person. So it depends how much and in what direction you deviate from

No one is the average person. Even average people are not likely to be the average insured person. So it depends how much and in what direction you deviate from the mean. For example, I kill cell phones regularly from dropping them; for me, insurance might be more cost effective; for the people who keep cell phones turned off except for emergencies it probably isn't good value. But, anecdotally I would say that these are the very people who have insurance. They are buying 'peace of mind', a very expensive product created by Madison Avenue.