If you were to buy a car in cash for $40k+, would you really not bother to carry comprehensive insurance on it? Are there really that many people out there where a $40k+ oops just isn't a big deal, just go buy another?
I don't carry comprehensive insurance on my car. I drive a 2000 Honda Accord though, so the KBB value (and what they quoted me for) was only about $1000. I wouldn't carry comprehensive on that. But you bet if I've got $40k+ rolling down the road and in the elements it's going to have some insurance on it.
I've usually dropped collision coverage on cars when they get under around $15K. (All but one of my cars was purchased for less than this, often much less.)
If I had a 0% loan on it for some reason at that point, that meant paying off the loan to let me do that. (If you assume an 8% nominal return on investments, that means when paying off the loan would cost me under $100/mo.)
I think you should insure against risks that would be a substantial impact to your life and (generally) not insure against risks that wouldn't.
I don't carry comprehensive insurance on my car. I drive a 2000 Honda Accord though, so the KBB value (and what they quoted me for) was only about $1000. I wouldn't carry comprehensive on that. But you bet if I've got $40k+ rolling down the road and in the elements it's going to have some insurance on it.