I had that same philosophy about health insurance until the govt made it impossible for me to not have it. Great theory but lots don't save the premium in the bank and then it comes to use it and ummmmmm.  

It must be a disciplined account, preferably locked until needed, not a regular-access account that we'd all dig into.....i know pinny guys will only wanna spend the $3-5k when they see it in there.....discipline!!