I have a 2005 Ford Escape and a 2006 Toyota Avalon worth maybe a grand total of $14k. We spend $105/mo on comprehensive/collision because we're still in debt pay-off mode, and it would be tough to come up with the cash to replace them. I called around a lot of insurance places, and with this insurer, it's only costing me about $20/mo over liability for that peace of mind. We will probably drop down to liability when we have more cash in the bank.
Insurance is such a funny thing. Once I figured out what was actually getting covered, I dropped short term disability and vision insurance. I don't have life insurance because if either my husband or I died, one of our incomes is sufficient to run our household, and it would be easy to downsize to a smaller house, sell a car, etc. Most insurance feels like just another commodity we're being sold...