The only way to save a few bucks is to have a credit card that covers Israel ( make sure to bring a letter from the CC company saying they cover Israel!) You will STILL be liable for the liability portion. THAT is mandated by the government. Also, do not fall for any third party site which claims to sell you insurance. The Israeli companies will not accept it.

Also, I hope you realize that you are going to have to pay the 17% VAT--since you indicate you are Israeli. Your country of residence is irrelevant. The companies look for the tourist entry paper and you will not have one. THAT is the only way to avoid VAT.