Should I Get Liability Only?

I have 2 cars. The one car I have I'm saving for my son is a 2005 Lincoln LS V8 it has 90,000 miles and is in good shape. I'm leaning getting only Liability for it because I'm sure the insurance company wouldn't give me crap for it if I got totaled. The dealers are selling similar ones' like mine for about 6K-7K

Am I correct about only getting liability for it?

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