Funny you should mention insurance. We recently bought a third car to commute with. The alstate agent told me I could save a few hundred a year on our 1993 Toyota truck, by dropping the coverage for it being repaired(i.e. anything we hit it pays for, just not getting it fixed. I told him the truck was in great shape and ran great. He said if the accident is over 1500 in damage they would total it out, so I might as well not cover it) So we talked about it and agreed to change the policy, but I wanted to make sure it was insured against theft. He said o.k., but you are just wasting your money, since then the bumper was stolen, and this week the catalitic converter was cut off with the o2 sensor and stollen. Grand total of repairs was somewhere around 1500 bucks, for both, no out of pocket expense for me, and the additional yearly cost was like 90 bucks for the policy!
Bottom line when you need it it pays to have it! We are now going to invest in security cameras backed up to a hard drive around the house, due to the thefts in our neighborhood going up. It sucks to have to do this kind of stuff, but if it deters theft, or catches them in the act, then it is worth it!