Generally speaking. I (rarely) buy insurance for things like travel when I have reason to think that I have circumstances that may lead to a higher probability of collecting insurance than the average person automatically buying it has. And I certainly have things like homeowner's insurance where losses could be catastrophic.
But self-insuring for random relatively low-cost events mostly makes little sense for people as it does for companies.
But self-insuring for random relatively low-cost events mostly makes little sense for people as it does for companies.