consider this:

When you put that kind of money into insurance and DON'T use it .... it is lost. BUT.......if you put that money into a separate account, ear marked for kitty emergencies, then it would be available to use at the time that you need it and/or for something else.

I could never afford insurance for all of mine, but on the other hand, I would not have gotten my money's worth for services either. And hopefully I will not have ths dilemma anytime in the fuure.