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Many years ago I was given the advice to not take on insurance for any risk I can absorb myself....the theory being that since insurance is a profitable numbers game, if I were to set aside all the money I could have spent on buying insurance and then draw down on it as various losses (e.g. the engine in the car packs it in), over your life, you would end up with a positive sum of money to your credit.
Been doing that for 35 years, would argue that it is a successful strategy and I always decline extra insurance, the case being helped these days by some credit cards having some level of insurance protection included as part of the merchant fees.
So my advice is to decline the insurance, put the money in the bank, sit back and enjoy.
D.
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