While I do agree that if we can afford it, we should get insured in preparation for incase something 'bad' or 'unexexpected' occurs. However, not all things are worth getting insured for.
Take for example car insurance. Its an absolute must to get a car insurance when buying a brand new car or a luxury vehicle in case of theft or serious damage.
But if you're getting a second hand car worth less than 300k pesos I dont think that paying for that unit's insurance is worth it.
Normally when an accident happens to your car. You take it to the 'talyer' to be fixed and to estimate the cost of repairs. Or you could take it to your car service station.
Depending on your chosen car insurance provider. Most car insurance company will only cover the amount in excess of 5k to 10k pesos. Which is pretty unfair and is one of my greatest gripes about paying for insurance.
For example, if your car insurance policy cover's only damage in excess of 10k pesos. And if the cost to have your car fixed is below 10k, you dont get paid by the
insurance agency. If it cost you 12k pesos to fix, the insurance agency will only pay you the 2k pesos. You shoulder the 10k pesos away from the yearly premiums that you pay.
Ofcourse, there are exceptions to this. If you're livelihhod depends on your car like privately owned taxis, school and shuttle services or delivery vans for your pick up trucks like the popular mitsubishi L300 and the kia ceres. Getting an insurance will probably give you the peace of mind incase of theft. But the value of the vehicle should be taken into consideration before getting the insurance you think you might need.