> Few people willingly pay car insurance; fewer still have any confidence that their insurance will pay-out. But we pay the premiums because it is a legal requirement, even though it might be more effective for some people to put that money into a bond instead.
What country are you from? In the US most people who can afford it have more than the legally-required car insurance and insurance companies are expected to pay out in the event of an accident.
A bond isn't insurance because, on average, it won't cover your expenses (if you earn enough on it to pay for a catastrophe, that means you didn't need it). The whole point of insurance (and unions) is to share risk over a large number of people, only some (random) fraction of whom will ever "need" the insurance.
What country are you from? In the US most people who can afford it have more than the legally-required car insurance and insurance companies are expected to pay out in the event of an accident.
A bond isn't insurance because, on average, it won't cover your expenses (if you earn enough on it to pay for a catastrophe, that means you didn't need it). The whole point of insurance (and unions) is to share risk over a large number of people, only some (random) fraction of whom will ever "need" the insurance.