No, we have life insurance and health insurance. Lightning McQueen has life insurance (in case of his death), and separate "health/repair" insurance covering his body, his power train, his electrics, etc. This would, of course, cover parts and labor. read more
Life insurance doesn't cover you while you're alive. He'd want both. Life insurance to ensure his race winnings go to his loved ones, but car insurance for dents and scratches. I'd assume it would work much like health insurance does for humans. read more