Thanks for the replies! I guess I'm kind of already doing a combination of what you all have suggested. I have comprehensive coverage on it right now as it would be burdensome to pay out of my savings to replace it if it were totaled.

But since it is an older car, I take $200 per paycheck and put it in my "4runner maintenance account" which is less than I would have to pay for a new car payment, and it's more than enough to cover the unexpected repairs, and splurge every once in a while on mods.

With the risk of uninsured drivers, idiots, etc, I think I'm uncomfortable having anything but comprehensive coverage on anything I drive. However, it definitely makes sense to put what I would otherwise be spending on an expensive insurance policy into a separate savings account should the need arise.

thanks all for the great suggestions