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It sounds like you're ignoring quite a few things. First and foremost that car insurance covers a heck of a lot more than the cost of your car. It can also cover

- the cost of the other person's car

- your healthcare

- the other person's healthcare, including passengers in each car

- damage to other property like buildings and equipment that people drive into

- lost wages if you're too injured to work

- and a lot more.

The cost of a crash can be many times higher than the cost of your car. Of course maybe you only have liability insurance, which frankly is not a great idea and I would recommend getting comprehensive coverage if you can.