Originally Posted by MBMiner
Are you really willing to risk all your personal assets by carrying the minimum liability coverage?
are you really risking all
your personal assets? i don't know, but it would be really difficult for someone to get your 401k. depending on your state laws, you can throw in your IRA, cars, homes, certain amount of cash, horses etc into the category of "protected personal assets." some states even allow one to transfer assets up until the date of a judgment. my state's homestead laws tend to be pretty liberal towards the person being sued. once one starts to dig into the laws and how insurance works, the more one wants to shed the need of insurance asap. talk to your lawyer though...as i have never even seen a building where a bar exam is administered.
as to the OP, i shed the full coverage this year on my vehicle. i first called, as nords suggested, to ensure all information was correct. they had my vehicle down as a commuter with a 20 mile daily commute. this isn't true, as 1) i only live 6 miles from my place of employment and 2) i ride my bike everyday. then we went through every discount they have and i made sure i qualified. then we took off the full coverage. dropped our total (for 2 vehicles) premium by about 30%. of course, my car is only worth about $4000 on a good day--combined with me filling up with gas once every 2 months, i wanted the bare bones.