So, what could happen if you don't have enough auto insurance? If you get into an accident that you are liable for and if there is more damages that need to be paid after your insurance is exhausted, you still may be liable for those damages. You would personally have to pay for the damages out of pocket and if you can't do that, your assets (cars, home, etc.) could be taken to pay for the damages. Now, is that worth saving an extra 20-40 dollars a month?