I haven’t carried collision insurance for decades. There was one exception where I financed an electric car at 0% for a while. Obviously, the lender required comprehensive insurance, most of the cost of which I viewed as the finance charge and paid off the loan and dropped collision coverage once the balance got low enough to make the imputed interest rate unattractive.

You need liability insurance (until you’re ridiculously wealthy perhaps), but fire/structure coverage and collision coverage are much more optional if the home/car value is low enough relative to your net worth.