said by technocar2:Actually it wouldn't work in Québec as you must provide proof of at least $2 million dollars in available assets (IIRC) in order to be able to self-insure. said by Ian:
To the extent that you can, self-insure. Put $50 or $100 a month into a legal account earning interest. Never need it? You keep the money, AND the interest.
That would only work in British Columbia, Saskatchewan, Manitoba and Quebec where cheap public insurance covers personal injuries, while your savings account can cover damage to property as per your example.