If you want to make German look bad, sure, but a "better" translation of car insurance would be Autoversicherung.

I mean, "car insurance" is much better than "motor vehicle liability insurance" too.. ;-)

I know there's still a difference in length, but don't let English orthography fool you, English likes big compounds too: "high voltage electricity grid systems engineer team supervisor" is structurally the same as the unspaced German monstrous compounds. (I.e. the real difference between English and German in this area is just a matter of orthography and not actual linguistic structure.)