I sue insurance companies for a living. Insurance is just legalized gambling, but the house makes the rules as they go. You can certainly buy it, and I do for my mandatory auto, my health, and my homeowners, but the latter two are probably somewhere around 50-50 if I have a big claim. For a lot of carriers it seems like the breaking point is the premium paid versus the amount of the claim. I have three trials between now and January against BCBS on awful health insurance denials, the worst of which the judge has already ruled was covered and should have been paid. But the claims haven't been paid and keep getting denied. I'm sure the Federal Judge I'm in front of will be very pleased with getting the finger from the defendant.
As Peter said, most things get there eventually. I would probably buy it for real expensive things that I didn't want to eat the cost of, in hopes that the claim might be paid, but I wouldn't on stuff I could afford to eat. In my estimation that's just throwing money away.
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