Liability car insurance?
If your car is written off in a single vehicle accident, or stolen, or torched by vandals, Can you afford to turn around and buy another one? If not, discussion of liability coverage is moot, because it is not car insurance, it is insurance for damage and injury you cause to others.
Is the vehicle going to be financed? Then you have no choice but to have collision and upset, as well as comprehensive insurance.
And full insurance coverage on a sports car in your name is going to be more money than you want to think of.
Call an insurance broker to find out just how much. A quote doesn't cost anything, and doesn't obligate you. Anybody on here that isn't an 18 year old girl in rural Alabama driving a Mustang is only going to be guessing, sorry.