Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Why do people buy insurance even if they have the means to overcome the loss?
This person could buy another car at any moment without any money problems, so I don't really see any point in insuring, especially with such a ridiculously high price compared to the extremely low risk. Convenience.  If you self-insure, then an accident means that you have to make arrangements to get the car towed, fixed, evaluated, etc.  If you buy insurance, your insurer would prefer to do all that.  They argue with the mechanic over prices, the lawyer over liability, etc.   And of course, rich people need more liability insurance than other people, not less.  So part of that $1400 is probably money that your friend would have to pay regardless.