Car insurance in NJ is compulsory I believe - always a license for the insurance companies to print money in my not so humble opinion. of course the companies love it - they get to charge you if all you are driving is a heap of old metal worth a few hundred dollars - which are never going to repair in the event of an accident.

But what if you hit some thing fancy and expensive on the road - well to be quite honest - there're the ones that need insurance not you! Their insurance should pay out anyways -and without reducing their no claims discount too if the accident wasn't their fault - that is entirely the point of insurance sometimes the ocmpany wins (most of the time) sometimes they lose. Personally I don't ever insure old cars