Ok, I also happen to know that person.
He bought a nice new looking car, camry LE 2000. The full insurance on the car is between 26k to 32K pesos. I must say, thats alot of dough for a 6 yr old car.
Anyway, the person in question got himself an insurance that would cover the other person's property damage to 500K and physical injury till 1 million. This pretty much covers the other party but doesn't cover the person's own car.
Anyway, the person is question has installed multi-lock to lock the transmision shaft and an alarm.
The car is usually locked in the garage because the guy has another beat up car that he uses for work due to lack of parking near his office. The camry is only taken out in the evenings and weekends, the old car is the one which is working like a mule as always.
So I think the person was right in not taking out full insurance. I mean, it will be very difficult for an average tigre to cut through a mul-t-lock and alarm to steal a camry. Might as well steal a mercedes for that effort.
AZB