Its all fine and dandy until you take into account that it is ONLY up to $10,000. Then due to your age you have ~$3500 worth of excesses to deduct from it, but if its a much cheaper car sure. Only losing $3,500 from your $10,000 market value car is cheaper than full comp if its just to cover theft and if you did have full comp you would have been paying that $3,500 extra anyway and then have to pay it again but you don't get the other benefits of full comp.