Per KBB, values are:
Honda CRV in fair condition - $3,434 - $500 deductible = $2,934
Lexus in good condition - $7,310 - $500 deductible = $6,810
If something were to occur to either vehicle that rendered it out of commission we would not have sufficient funds to purchase a vehicle without financing. With that said, our credit is excellent and we would get a great rate. In general our finances are in decent shape, but we don't carry a large emergency fund since I'm comfortable carrying a bit more risk due to our stable jobs and other financial goals we're tackling right now.
Of the $48 we would save by dropping the coverage for both vehicles, we would only save about $18 a month if we dropped coverage only on the CRV. The $18 seems like a small price to pay for the mental security it provides, but I can be swayed.
We plan to keep these vehicles until wheels fall off!