> can still crash into someone else's $120K car

The significant increases in relatively irreparable high value cars on the road is presumably a driver of increasing insurance rates.

One solution would be to cap liability for damages to other people's cars to the median value of a car on the road. If you own a car worth more than the medium and want/need damage insurance for the full amount, you should take on that cost rather than saddling the public with it.