Simply put – No.
There is no such insurance “account” building up with your name on it. But, don’t worry, you’re still covered.
Every year, your insurance dollars go into a pool along with the dollars from other policyholders. Out of that pool, insurers pay the claims of the few people who suffer an insured loss – an auto collision, a fire, wind damage -- in that year.
So the payments of many cover the losses of a few. That’s called “spreading the risk.”