Let me begin by saying i'm not big on insurance. I don't buy insurance for things that I can afford to replace (or afford to lose). I figure the actuaries have calculated the numbers to know that selling me insurance is a money-making proposition so therefore the opposite is true: Refusing insurance will pay dividends in the long run. I've been fine with this logic for a long time, and as such, I never, ever buy 'extended warranties' But I made a mistake early this month applying this logic to the U.S. Postal Service. I sold my 17mm f/2.8 to a forum member for a pretty good price ($130 shipped), boxed it up and went to the Post office. I used an electronic terminal to pay for the postage and it offered me "Priority Mail" for a 2 day transit and "First Class Mail Parcel" for a 2-3 day transit for a few bucks less. I declined insurance, because I figured the chances of loss were small and while losing $130 isn't my idea of fun it's not enough to cry over. As you can probably guess by now, three WEEKS later the package has not arrived at it's intended destination. I've initiated a full refund to the seller through paypal, and since it seems doubtful now it will ever be found, i'm out $130. I went to the post office to ask if I could report a lost first-class parcel, and found out that there basically is no way to do that. So here is the lesson: I still sticky by my logic about insurance. But it seems there is a curious exception when it comes to the Postal Service. Because there is absolutely zero accountability for the delivery of first class mail packages where insurance is not purchased, these packages might as well have a neon sticker on them that says "STEAL ME" to a dishonest postal worker. Which means by not buying insurance, you are greatly increasing your odds of getting ripped off.