Insurance, by design, is a sham and a scam.
Even looking at the most basic premises - you (collectively, over time) pay X dollars, the insurance company pays out Y dollars. If Y > X then the insurance company goes bankrupt.
So by design, premiums MUST exceed payouts. On average it will always be cheaper to pay for things yourself, however people are NOT any good at saving $50K of oh-sh*t money in case they total someone's benz. Much easier for them to pay a $4K premium over 20 years.
In reality, the only thing insurance protects you from that you couldn't do on your own are the extreme situations. You total someone's ferrari and kill three people. Granted, without insurance you just declare bankruptcy.
I won't miss our insurance overlords...but I'm sure they'll pass bills requiring similarly priced insurance on driverless cars or something...by 'expanding' coverage or some 'for the people/children/etc.' reason.