I self insure as much as I can. Insurance companies are a for profit business and have no ethical or moral qualms about ripping someone off. Unless I have a loan company that requires full coverage or unless I am driving a car I can't afford to loose I self insure.

When you consider cars like ours it makes even more sense. For example you wreck your car and its not repairable. You take the amount the car is currently worth and subtract that for the scrap value you got for the car (many of our cars are worth a lot in parts) and that is your loss. Many people underestimate the value of a wreck and underestimate how easily it can be sold. Many of us would only be out a couple of grand in an accident and have paid much more than that over the years in insurance premiums. Just like in Vegas the house (the insurance company) always wins. Over a period of time the amount you spend in premiums will ALWAYS be higher than the amount the company pays out.

Carfax is a nice try but because of all the loopholes and the way that the insurance companies and recyclers work the rules I don't trust it 100%. If your terribly afraid of buying a wrecked car go buy a new one. Its interesting the hysteria involved in vehicles that have involved in collisions.