Liberty Mutual has a TV advertising campaign that has been ongoing for about 6 months. Its bottom line statement that is displayed on my TV screen is “you only have to pay for what you want.” This is a very misleading message.
For many purchasers of auto insurance they will seek the lowest dollar premium costs. I understand. But what you need may genuinely be more insurance than what you want to purchase.
If you don't own a home, you have a small apartment, no savings, and just began to work, then minimum insurance coverage may be for you.
But even this might not be the right thing. Here is why.
Younger folks, just like the “rest of us” need sufficient insurance coverage if the person who hits and injured you and causes you substantial medical and lost wage costs. But if this person, who listens to the ad, purchased minimum coverage because they don't need more, then you suffer UNLESS you have purchased your own UM coverage. (Uninsured-Underinsured coverage).
For a greater discussion of UM coverage, please see my website newsletter titled “Uninsured Motorist Insurance, what is it and why you need it?” As that old American Express ad years ago said: “Don't leave home without it.” In other words, do not leave home driving without substantial UM coverage.