Geico, and some of the other cut rate insurance companies offer bottom line insurance. Everything is at a minimum, and on TV they tell you they can save you bokoo bucks by switching to them. What they don't tell you is that they are saving you $$ by reducing your Under insured, personal, and bodily injury liabilities, etc. They also tell you to take no tort which by doing so (in states that have this clause) you waive your right to sue in court in most cases should a calamity happen to you.
When you have a loan outstanding on your car, the loaning institution requires you carry collision, (unless you are financing through a line of credit, or home equity loan) that is the brunt of the cost. If you choose a bargain rate insurance company like Geico, and carry only the minimum coverages, you are setting yourself up for a nasty time should you have an at fault accident.
Sure they can save you $$. There is always a catch. You pay 30K + for a car and take out the least amount of coverages and then something happens. You hit someone in a 60K car and your coverage for that is only good for 10K. Guess what.... you're in court to pay for damages exceeding your limits. How about Bodily injury? You are covered for 50K and the person you hit amasses 300K in medical costs.... Guess what..... too late.
Geico, and other, bargain rate insurance companies are a roll of the dice. Low insurance premiums are great, but you get what ya pay for. You could very well end up owing another person for life should your dice not come up snake eyes.