Bob, at 09:13 on Apr 06 1996, you wrote to Bill Grimsley...

BL> If you insure yourself, you have to make sure that you have the
BL> money to cover the insurance, otherwise it's silly. 

BG> Furthermore, I think life insurance is a complete waste of money.

BL> Yair... it's better to either save your money or spend it.

Damn right, although I'll concede that there may be times when term
insurance can be useful, say whilst you have a mortgage, so that if you
drop dead before the house is paid out, your wife isn't stuck with an
unrepayable debt.  Indeed, such insurance is compulsory up here with most
lenders, but others will waive that necessity if you start off with a large
enough equity so that they won't lose out in the case of your death. 
They're only worried about themselves, not YOUR family.

BG> I gave up insuring my car a couple of years ago, and for the
BG> first time in 10 years, I let both my house and contents
BG> insurance lapse (although I'm still not completely happy about
BG> that, even though it saves me $400 pa). 

BL> Aaarrgh! I don't insure contents because I can afford to carry it,

Given that few burglars are more than simple opportunists, you're not
likely to be losing too much anyway, although I still remember the time
that the people who lived opposite us on the Comenarra Parkway at West
Pymble came home from holidays to an empty house.  Even the light and water
fittings had been removed, and the house was just an empty shell.  Poor
bastards.  Just as well that they were insured on that occasion.

BL> but betting the house is too much for me. Even so, I am tempted. It's
BL> a double-brick house, and if it burned it'd probably only cost $30K
BL> to restore.

Exactly.  And you don't smoke from memory, nor do you have any 2 year olds
who like to play with lighters, so the risk is extremely low.

BL> Insurance companies are crooks. They're charging me $230 a year on a
BL> $30K risk = 130 years. I've lived here 20 years and one house caught
BL> fire about 5 blocks away... 200 houses, say = 4,000 years per house.
BL> It's bloody lousy odds! I'm getting 130/1 on a 4,000/1 risk! I'll back
BL> Octagonal...

I note that this was posted several hours before Octagonal won too.  I hope
you DID manage to get a few dollars on.  :)

BG> I happen to agree with you, although I'm still toying with the
BG> idea of taking out a cheap $50 TPP policy, just in case I hit a
BG> Ferrari or something. There are suddenly too many $500,000 cars
BG> on the road for my liking... 

BL> I actually feel happier betting on my own ability than on the other
BL> bastard being able to pay me when *he's* in the wrong. There are too
BL> many on the dole driving wrecks with no assets out there. I wish
BL> they'd make TPP compulsory.

Agreed.  The only accident I've ever had which could be classified as my
fault was when I hit a kangaroo (which is why all of my cars since have had
huge bull bars fitted to them).  If I hadn't been carrying comprehensive
insurance then, it would have cost me $4500, but premiums have been rising
every year, and I jacked up when it reached $300, and told them to fuck
off.  I just drive extremely carefully now, and save $300-$400 each year,
and in 10 years, I'll hopefully be way in front.

BL> That's how I lost the $5K. The bitch was a destitute bludger.

Yeah, it's cruel, but you can't get blood out of a stone...

Regards, Bill

--- Msgedsq/2 3.20