Knowing how often my friends and I crashed/dented/scraped/bumped etc our parents cars in the first 2 years of driving I'd go into this planning financially on whatever car she drives to be totaled at some point while she is on your insurance. I'm not saying that she will necessarily do it, but I'd go in with that plan. This leaves a couple options:
1. Keep the comprehensive/collision insurance on the car she drives. This will effectively amortize the cost of the repairs over time. You'll pay a fixed known amount every month, and maybe you'll get lucky and she wont have put a scratch on the car and you'll be out the money you paid for insurance (this is how insurance is supposed to work).
2. Ditch the comprehensive/collision coverage and have the money on hand to buy another car and mentally expect to spend that money in the next few years. This is not "emergency fund" money, this is "replace the car when daughter crashes it" money. They are very different pots. If she turns out to be a great driver and lucky, you keep the money and big win for you. If she crashes once, you lose the money but that is ok b/c you expected it. If she crashes twice (not unheard of for 16 year old drivers) you lose significantly more money.
You could probably save some money by buying a super cheap POS car for like $1200 that runs but is ugly and just gift it to her. Then present the pros and cons of comprehensive/collision insurance to her (like above) and give her the option of paying for the additional comprehensive coverage. I can almost guarantee that she won't pay for it (b/c it is expensive) and then when she crashes the car, it is her decision to pay to fix it, scrap it, replace it etc. And you still keep the "Good Parent Points" b/c not only do you let her drive, you bought her a car! (She just happened to crash it).