I dunno, we have the same minimum liability insurance as we did before. We are both over 50 and I guess low risk. My credit rating is near 800 as well. $23 per month is pretty good.. best I've ever had in my life actually lol.
Minimum liability seems rather risky. Do you think you are invincible from causing an accident? I'm glad I have my uninsured/underinsured motorist coverage because it will pay for the injuries the uninsured driver caused me over the summer.
I don't understand the question, liability insurance, which we have and is federally required to have, covers me if I cause an accident; so no I don't think I'm invincible from causing an accident -- although in the 30+ years I've been driving I've never caused one (knock on wood).
We don't have uninsured motorist, that adds a bit. We both have cars worth less than $3000. I have Medicare for medical care and it's copays & deductibles are really low. So we self insure with respect to that.
Also personally I only drive my car at most once per week for a short trip to grocery store , doctor or w/e.
EDIT: My net worth is only $86k currently and that is mainly the equity in the home. So minimum liability is okay at the moment. Perhaps 15 years later when I have $500k in my taxable personal brokerage account, I might get a policy to cover most of that perhaps.
EDIT #2: Can a person's home be taken away if they cause a large auto accident that exceeds the amount covered on auto insurance policy? Or just bank accounts?