The value of insurance
Tim Harford's FT article on the value of insurance has the following wonderfully zen passage:
The correct response is to insure yourself only against the big risks, such as your house burning down. As for the dent in the hire car, you will simply have to tell yourself that in the big scheme of things, it’s not that important. That is the closest that economics will ever come to Taoism.
-30-
except in the case of AppleCare “insurance” on Apple products. Always get AppleCare. cause it pays for itself the first time something bad happens. It never occured to me until something bad happened and it cost me half the price of the laptop to fix it. I was wishing I had gotten the insurance.
But you’re right.
Excellent quote indeed :)