It really depends on what you plan to do with the vehicle. If you don't plan on repairing the vehicle, I wouldn't tell your insurance company. Because you don't have collision
coverage, you would receive zero compensation from your insurance company. If, however, you plan on getting the vehicle repaired, it would be considered a "salvaged vehicle." Which not every insurance company will insure. If this is the case, you would have to let your insurance company. If you don't plan on repairing the vehicle, you would only need to call your insurance company and tell them to remove the vehicle from your policy so you're no longer being charged premium for it.