Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited.

Is insurance worth it if you can afford to replace the item? If not, when is it?
In regards to purchasing full coverage on your car even if you can afford to replace it, consider the hassle you have to deal with an accident that is not just the cost.  As an example, my sister's car was stolen and wrecked.  It was her problem to go recover the car on the other side of the state such that she would not be paying the storage "fees" imposed by the sheriff of the other county.  Had she had insurance they would have taken care of it call. Another story is that I rented a car and side swiped in the parking lot by a hit and run.  I was responsible for the minor damage.  I started down the path of paying out of pocket because it was small enough that I did not want to submit a claim.  The rental car agency started to pile on extra fees such that it was worth it to turn in a claim.  My insurance company was savvy enough to be able to dispute the extra charges.  After I submitted it to the insurance company I basically did nothing.  They took care of everything. So, in summary, when you buy full coverage on your car, it is not just a financial decision.  It is also about not having to deal with a hassle.