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How you can find the cheapest auto insurance quotes and cheapest auto insurance companies:

Make the effort to comparison shop and this will usually yield a surprising variation in rates. You will find that for identical coverage, there can be hundreds of dollars of difference between companies.

In certain types of car financing arrangements, such as leases, gap coverage may be required. This type of coverage protects the financing company with regard to the difference between what you've paid on the car and it's worth if it's stolen or totally destroyed.
Your financing agreement will indicate how much coverage is needed, and who's financially responsible. On occasion, gap insurance may be built into the lease itself.

Coverage for your assets
Although it may be not nice to think about, if you have significant assets such as a home, some business, investments, etc., you should consider carrying more than the typical liability insurance coverage. This will help in protecting you if someone tries to sue you, with the knowledge that you have a lot they could try to obtain.

If you are in an accident where you are liable, the combination of significant assets and a low level of insurance coverage could even set you up for bankruptcy.

The greater the value of your assets, the more tempted someone might be to sue. You should consider getting auto insurance quotes for an auto insurance policy that allows for more than $100,000 per person, $300,000 per accident, and $50,000 property damage liability coverage.
If you have very little in the way of assets, and cheap car insurance, should you carry as little liability coverage as possible? No. You could still be facing bankruptcy if a judgment is large enough, and even that might not protect you from claims.

Look out for lapses and cheap car insurance. If you let your insurance expire you could end up with a nightmare of legal problems and monetary expense. Keep your coverage current! You usually have a month's grace period for making payments.
How much cheap car insurance do you need?

Deciding how much coverage is a very personal process. When you're uncertain, play it safe.

Collision coverage for new vs. older cars
When you are still making payments on a vehicle, make sure that you have appropriate collision and comprehensive coverage.
You should also consider this type of coverage on all but the oldest vehicles, those of least worth. Your vehicle may not be worth a lot, but you should consider the difficulty that losing the use of it would cause to your financial situation.