Depends upon your situation.....if you have 10K in a car and can afford to lose it if the garage burns down OR it gets stolen, then you dont need insurance. IF you have 100K in a car and can afford to lose it if the garage burns down OR it gets stolen, then you dont need insurance. The big carriers sell insurance on incomplete vehicles too......your homeowners insurance does not cover car parts (most dont). There were several big builders who had fires in the last few years....and ALL customers cars were lost and the builder's insurance covered only a fraction of the replacement cost.