In the U.S. at least, you don't need to insure your own car. You just need liability insurance that will pay out to someone else if you're at fault in an accident.
It's usually possible "self-insure," too. Basically, you put up some amount of money (of order $30-50k) to the DMV as a surety bond. Then if you're held liable for an accident the state doesn't have to worry about you paying up because they already have the money.
I wonder if there should be a per-vehicle cap on damage where a vehicle is so expensive that the owner insures it for any damage over some amount, say $60,000, or the 95th percentile new car sale price.
Damage to vehicles isn’t the problem. The tail is hitting a car full of surgeons and ruining their careers so you are paying out gazillions in personal damage.
In the U.S. at least, you don't need to insure your own car. You just need liability insurance that will pay out to someone else if you're at fault in an accident.