My car was $1,500 and my insurance is ~$35. I'm lucky enough to be able to bother mechanics to teach me repairs though.
This can be a working strategy if you don't have a dollar to your name (whomever you hit won't be able to squeeze blood out of a stone), and never intend to have a dollar to your name, but is generally ill-advised for someone in the middle-class, who has money and assets to lose.