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

Buying insurance (extended warranty or guarantee) on everyday goods / appliances?
I decline politely.   The cost of the insurance policy has two components: The actual cost of a likely repair + profit. If I set aside the cost of a likely repair myself, then I get to keep the profit.   If the item doesn't break, I get to keep the "repair" money too :)