Go for group membership if finance is any problem. I made a profit over hiring in my first year. It also improved availability in good flying conditions.
If a big repair bill comes up unexpectedly, more than there is in the group kitty, it'll be split. (6 ways in my group)
Insurance covers the possibility of a wright-off. The group I'm in has had two total hull losses in 19+ years. Insurance payed up each time.
I'd have given up flying long ago if I depended on hiring.