So, Phaetos, is your vehicle worth more than $10K? Anybody in your family? You can't buy a Neon for under that now. So when you get hit by someone with only 10/20/10 and the other insurance company only has $10K for your $23K vehicle (or $5K if its a 3 car accident?) you're going to have to pay your collision deductible and file a claim through your insurance company. They'll try to get some of your deductible back for you from that low cost auto insurer, eventually. What's your deductible, $500? That money could have been for your new 1911 or AR or .308... Your rates would be higher (I've seen an average of $10 to $15 per month) but when you get hit they'll be able to pay your claim. Its worth it. I'm not even going to get into the injuries side of this. Like I said, I'd be happy if they raised the property damage portion (increase of about $15 per six months for most people).
Call your insurance agent and ask about how liability works and if you have enough. That's my professional insurance advice for the week...
At least they would have something to cover it and my insurance wouldn't be covering all of it. Rates here suck, period. I moved 6 miles closer to BR and my rates went up $50/month! Tell me that isn't BS.