It's cheaper to NOT get full insurance and pay for repairs, usually.

It is correct that if you have a car that is worth only a few thousand dollars, it is likely not worthwhile to get anything other than liability insurance.

It is very much incorrect if you have a car that is worth tens of thousands of dollars, yet can be totaled by a "hit and run" or "act of god".

Not an option for leased cars.

Of course, if you're leasing, you're optimizing for something other than dollars per VMT.

Vehicle Miles Traveled?

guessing you haven’t had to repair a car in loooooong time eh?

last time was about two months ago.... it cost about $7,000 for a small accident.