In general out of the money (OTM) equity options have higher implied volatility (IV) than at the money (ATM) options. So assuming we have two put options (5% OTM and 10% OTM). Skew reveals that 10% OTM will have higher IV i.e. more expensive. If that be the case why would one not buy 5% OTM option instead for less + get higher protection?! am I missing something here?