How many of you actually do it? Has anyone done it?

I'm thinking that my car is getting to a point where if something happens to it I would least like to get something for it.

The value is somehwere around $400-$700 according to my insurance company so I'm think about taking all my receipts and such to them and get it appraised.

I know my rates will go up but I feel its worth it.

Discuss.