Many states have very low requirements—as low as 10/20/10 (Florida)—but this is rarely enough to protect yourself and your assets. Even a moderately serious accident can result in more than $100,000 in claims, and a multi-vehicle crash with serious injuries can cost many times that. Without adequate insurance, you could exhaust its limits very quickly. If your insurance is not enough to cover the damages, the injured can come after your personal assets.
If your assets aren’t enough to satisfy the debt, your future wages could be garnished. On the positive side, the cost for additional coverage on an existing policy typically is not very expensive.