A common story, gary.
On another sight I read a posting saying all cruisers are essentially self insured.
My eyes widened as the poster explained self insured to him meant having and using proper ground tackle and learning and understanding the trade of voyaging under sail.
An excelent explanation .
Another approch was that you need only insure that which you cannot afford to replace.
It therefore makes sense that "budget minded" cruises/adventurers often do not /will not purchase insurance . due in part to there financial standing and in part to the fact that often the areas they choose to cruise are often excluded in coverage. Add that to the previous "self insurance" and it becomes clear why their is a difference between casual sailors/boaters and those with the "go now - go small - see it all " approach.
Sailing means different things to different people, has been around much longer than insurance and I'm sure will remain long after.
Each to there own , I guess.