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

Why do people buy insurance even if they have the means to overcome the loss?
In addition to stoj's two good points I'll add a couple more reasons: 3)  In some situations there are secondary factors involved that can make it a good deal.  These normally amount to cases where you can buy the insurance with pre-tax dollars but would have to pay the bills with post-tax dollars. 4)  Insurance companies know much better what things should cost and often have negotiated rates.  A rich person would generally be well-served to have health insurance for this very reason.