If you can’t stroke a check and buy a new one if it’s wrecked like buying a cup of coffee, then you should probably insure it. What you and your insurance company think it’s worth is the difference.

I have seen more than one acquaintance financially destroyed in a liability lawsuit. So I keep 500/1mm on liability on my cars. the cost over 100/300k is nominal. I then have a big liability umbrella policy after that( house and cars and umbrella all with same carrier). I like to push my risk off on others. I don’t mind paying to do that. I also can’t afford A lawsuit. The more the insurance company is on the hook the harder their lawyers will fight.