Someone here said it best, I forget who else I'd give the credit
Any insurance is a gamble, and the house always wins. The insured is betting they'll have a crash, get sick, etc., while the insurer is betting you won't. Those are good odds, insurance companies make plenty of money. I'd be perfectly happy foregoing insurance if my state / banks / etc., allowed it
Not evil, it's just business. Median health insurer CEO pay is $9 million, with 30 of those folks topping $30 million each.
source In 17 years of adult life I've had zero need for medical or auto insurance. That's a lot of money I flushed down the toilet.
PS, I have no issue with it in principal, supply/demand. If people want the piece of mind that's fine. But I'd be perfectly happy living my live "insurance" free. I'm smart and healthy enough to take the risk.