If you have any assets you are protecting, you would be nuts to not max out PLUS get an umbrella policy. A couple of million dollar umbrella policy will buy you a good defense in the event of catastrophic loss (like your teenager kills someone). If you are a student and have no assets, well then, OK on the low limits (I assume you could declare bankruptcy, but I am not an attorney).

I always set my deductible at $2K, but I should probably make it higher. Increased self insurance is the way to go long term IMO.