Generally I try to avoid all forms of non-compulsory insurance against non-catastrophic events that can be self-insured over ones lifetime, as there is negligible likelihood of not coming out ahead.
One reason is the existence of Insurance Premium Tax, which looks like an 'initial charge', and so which makes any policy look bad value, even if it is an 'evens bet' in every other respect.
However, I now wonder whether I'm being a bit selective. There's another tax - VAT - which I would normally suffer on vehicle repairs paid directly from my own pocket. The fact that there is no VAT on the insurance premium suggests that the insurance has an edge in that respect.
OTOH, the cynic in me suspects that the equivalent (or similar) VAT is collected by some other means (restriction on VAT reclaims somewhere close to the my end of the chain, perhaps?), but is that so? (And, if it is, it begs the question as to why it wouldn't be simpler to force VAT on the premiums and simplify things elsewhere).
I'm admit that I'm hoping that someone will explain that the VAT saving is illusory, so that I have an excuse not to consider this insurance any further.