The word "travel insurance" is a bit wide. You mix up several things yourself, among them losing your luggage, your credit card, and getting hit by a car.
Generally, insurances never really hurt, but often they are a waste of money. Sometimes, however, not having an insurance is just outright stupid. Some insurances, every person must have.
There's travel insurances that cover trip cancellation. I've not needed this once in 4 decades. If you are somehow considerate, the odds for something random to happen (being run over by a car a day before gonig on holiday?) which would make the insurance valuable are very low.
There's lost luggage, but the airline already has an insurance for that. Compensation is not truly great, but it's sufficient and you mention having deep pockets anyway. When in doubt, be sure to put in a couple of water bottles on top to max out on luggage weight up to the allowed limit (compensation for lost luggage is per kilogram). An additional insurance for this is, in my opinion, wasted money. Sometimes that kind of insurance is piggy-backed on your VISA anyway (it is on mine), so chances are you already have it even though you don't need it. Check your contract to be sure, just in case.
There's credit cards being stolen or lost. Hasn't happened to me once in my life. Hasn't happened once to anyone in my family, including my grand parents.
But sure, it can happen, no doubt. I know someone in the gym (strong guy, 15 years younger than myself) who was mugged half a year ago in Spain. Shit happens. Guess what, his household insurance covered the case (don't ask me what it has to do with household!). Again, check your existing contract.
So, you might get robbed or lose your VISA, but you know what? VISA has an insurance already that covers everything above so and so much, after so and so long (depends on your contract, in my case it's something like 500€ maximum, and zero for any losses after reporting it lost, which is just ridiculously little money compared to buying an extra insurance for something that practically never happens).
And then, there's getting ill or being run over by a car abroad, anything of that kind. Oh heck, you absolutely want an insurance for that. Not having an insurance for that case is, really, just mindboggingly stupid. Yes, this is also a rare thing, but when it happens, oh my.
Also, you not just want some insurance, but you want an insurance that covers rescue missions and accompanied back haul, or a travelling doctor who speaks your native language and works with a standard like in your home country.
All of that is (since I have a maxed out private health insurance) already included in my "standard" health insurance, but that is not necessarily so. Be sure to check before going.
If it is not included, you can get full coverage for something around 50€ per year. Which is nothing compared to the benefit. Those 50€ are a very good investment! Note that it's not only a matter of cost (although the forementioned can easily be a 6-digit figure) but also a matter of comfort and being able to sleep well. You don't want to be stuck injured and ill in a country where you have trouble speaking to your doctor, and where maybe the standards are not quite what you're used to. You don't want to be treated second class either. You don't want to have to worry how to get home now.
(Note that I've not needed that kind of insurance ever in my life, but this is the kind of fee that you will happily pay if you don't need it.)
You also want to make sure that your private liability insurance (which you hopefully already have) also covers you abroad. Because, unlikely as it is, you can easily run into a situation where you get out with a 6-digit or 7-digit liability, which will, even if you have relatively deep pockets, be very painful or break your neck. A personal liability insurance (which normally also covers spouse and children) is also in the 50-100€ range per year, so it's very affordable in comparison to an end-of-days type of financial risk.