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Nick_Tarleton comments on Open Thread: June 2010 - Less Wrong
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For one thing, insurance makes expenses more predictable; though the desire for predictability (in order to budget, or the like) does probably indicate irrationality and/or bounded rationality.
What's unpredictable about a loan? You can predict what you'll be paying pretty darn precisely, and there's no intrinsic reason that your monthly loan repayments would have to be higher than your insurance pre-payments.
You can't predict when you'll have to start paying.