Unfortunately, that is a loaded question. Your state likely has minimum coverage requirements, which typically represent the lowest coverage option. The cheapest choice might involve a combination of these low limits and high deductibles. However, this could ultimately be the most expensive option for you in the long run. If you are involved in an accident, you could be highly vulnerable to out-of-pocket expenses, potentially including garnishment of your future income.

Insurance is similar to playing the lottery and hoping the odds are in your favor. However, there is no way to predict the type or scope of the situation, and you cannot retroactively reconfigure your insurance once the event has happened.

There are some features that are meant for peace of mind, like roadside assistance and rental car coverage, but aren't likely to leave you in financial ruin if you do not add them. The majority of pieces within your insurance program are meant to protect your financial future after an unfortunate event.

Insurance rates are based on large numbers, with only some factors relating to the individual. Although you may have a spotless claims history, you likely saw your rates increase this year. Inflation has impacted nearly every business, along with supply chain issues and the long-lasting effects of Covid-19 in 2020. The insurance industry had set its premiums based on previous statistics and could not have predicted the unprecedented costs incurred in the past couple of years. The cost of labor and materials has skyrocketed, along with above-average storm damage. The value of used vehicles remains inflated, and the overall cost to repair newer vehicles significantly increases with each added electronic or safety feature.