What do i need to have insurance..!?answer please..!!?

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What do i need to have insurance..!?answer please..!!?
so i know that if we do insurance,we will get amount for the thing when the insured thing is damaged..!! but what is the used of this??we have to pay premium every now and then and we will be get paid at the end?right??or will the insurance company provide any extra money other than the interest on our money?? and isn't it better to invest on some other thing and get profit and use when our things are damaged?? health insurance is ok,i accept that in urgent cases we cant bring back our invested money in a while ,so we do that,but what about vehicle insurance?why do we need that? and if to avoid paying tax,insurace is opted??and for that thing,i think there are other sources too? but whatever why people go for insurance..that what i wanted to know? and also..for example,if i have an insurance for my bike and its not met with an accident till now..and if i die and i have no family and relatives to claim..where will the policy go?? and if i do health insurance and if i die,i think the money will be given to my children or whoever i mentioned..!!..so i cant enjoy the money i earned..!! huhh....lot of questions..please take some time to answer..!! thanks in advance..:):)