The gent in question had comprehensive insurance against fire... he just didn't have insurance against theft. Lots of people just carry basic 3rd-party insurance on older vehicles, rather than comprehensive insurance, when they calculate their risk of total loss is low.
When a vehicle insurance premium is $700 annually for comprehensive insurance and $200 annually for 3rd party, you are going to be well in front after a few years, with a low value vehicle, that you deem to be at low risk.
I came across an old farmer in the early 1980's, who had had his entire wheat crop devastated by a hailstorm, just as it was ready to harvest. He'd lost about $200,000 worth of crop (in 1980 values).
When I discussed with him, how he'd go with insurance, he just stated blandly... "It wasn't insured, and I haven't insured a crop since 1934! I'm well in front! - rather than giving vast sums of money to rogue insurance companies, that always make more money than I do!!"
