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I've heard folks say to self insure as much as possible, because in theory your losses should average out over time and cost less than paying insurance premiums over the same period. In theory, I could cover the loss of a brand new car (about $20k for me) with my emergency fund, but I generally don't drop collision/comprehensive coverage until the car is over 5 years old. Peace of mind thing, I guess.
What's the highest dollar amount you're willing to self insure? If it depends on the item being insured, please elaborate!
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