Auto insurance for cars

As a growing child, I was always of the idea that people need not purchase insurance premiums, that they were just in the business to cart away our money. My perception of it was that purchasing insurance is for mitigating risk, and the occurrence of the said risk is not certain, therefore if the risk doesn’t occur within the stipulated period, then the insurance company has no obligation to pay you back the money spent on the insurance premium. So I thought to myself, “Why then do we need to pay for insurance”.  A situation that occurred about 6 years ago changed my view of the subject matter.
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