This may provoke some thought.
Suppose the car in question has a total market value of $16,000 (market value of car in stock form + market value of modifications)
SCENARIO 1 - FULL COMPREHENSIVE INSURANCE
Premium - $2,080
Car's insured value - $13,000
In the event of a write off:
Insurance payout: $13,000
Less excess paid: ($1,850)
Less premium lost: ($2,080)
Net amount recovered: $9,070
Recovery: 57%
SCENARIO 2 - 3rd PARTY PROPERTY INSURANCE
Premium - $400
In the event of a write off:
Salvage value of wreck: $5,000
Premium saved (ie by not paying full com): $1,680 (difference between full comp & 3rd party)
Excess saved (by not claiming): $1,850
Net amount recovered: $8,530
Recovery: 53%
SUMMARY
Try performing the above calculation with a premium of $4,000 and it soon becomes apparent that, in the above scenario you are actually better off without insurance (in the event of a write off).
As long as you can drive, full comp is not worth it in my opinion. Better insurance would be an excellent alarm system, a few advanced driver training courses and a skidpan day.
IMO full comp insurance becomes attractive:
a) when your car is worth more than $20k and/or
B) when your premium and excess are reasonable (ie rating 1 over 25)
ABOUT 3RD PARTY FIRE THEFT
Just Cars offered me $4,000 fire and theft cover. If you read the fine print, you will find that, for example, if your car is recovered from being stolen with $5,000 damage, the insurance company will declare your car a write off, pay you $4,000 and take your car. Well this is the understanding I got from reading the fine print, please correct me if I am wrong.