I buy bare minimum coverage because it has been my experience that you end up screwed in the event of a collision no matter what kind of insurance you have. Insurance companies are in the business of taking your money now and finding every possible excuse not to give it back later; I'd rather keep it in my own pocket.

This is part of the reason I prefer inexpensive cars: buying only what I can afford to pay for outright means there is no loan which would obligate me to carry a comprehensive insurance policy.