Insurance is by its very nature - almost always a scam. Simply because the amount of money going in needs to exceed the amount going out, of the insurance system. Sure it's good for say, insuring your house or your car against total loss, but my guess is that more than half of insurance out there is completely irrelevant to reality.
Case in point, I started a new car lease in January, which by default includes Lease Protection Insurance designed to cover lease payments for 3 months in case you lose your job. Of course, you cannot determine what this insurance costs before you sign-up for the lease. Clearly this protection protects the lease company more than it protects me? So I cancelled the so-called lease protection insurance straight away, and within the "cooling off period", yes they actually call it that. The amount was then revealed as $5500, an amount in excess of three months payments!!!
W212 E400 Avantgarde
W211 E500 Elegance sold
W202 C200 "the Tank" sold