The thing about insurance is that we ALL begrudge paying it out every month, month after month, paying out thousands of dollars....then when you write off your car, pseudo truck, or your house burns down, you're like "whew" thank god.....
The thing about mandatory insurance is: it is only mandatory to have liability insurance (what for now with no fault insurance I'll never know) you do NOT need to have comprehensive or collision. Same as your house, if it's paid for, you aren't required to have replacement insurance, just liability.
So, moral of the story is: if you want to cut your insurance premiums, only take liability and gamble that your vehicle won't ever get stolen or you won't ever get into an accident or you won't ever have a fire etc.