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I recommend you go with the full coverage because my rental car was vandalized in Lahaina by some locals who obviously didn't care for tourists. I didn't have the full deal and had to pay $487 before leaving the island.
If you plan to do the Road to Hana, or anything similar, I'd get a jeep. We had one, and it came in handy at times. Convertibles are nice too, but sometimes the sun is too strong!