Full coverage on everything. The extra $40 a month is well worth the extra coverage in case of any damage, whether it's your fault or not. I learned that a long time ago.

Here's a scenario that happened to be a few years ago:
2003 Tahoe with 165K purchased for $2700
Hail storm damage 'totaled' it, insurance valued it at $7900
Salvage value was $1400
I kept the Tahoe and insurance paid me $6500 (difference between value and salvage) and it retained a clean title. Colorado will not issue a salvage title due to hail. After that, full coverage is still applicable, but not on prior damage unless you show a receipt it has been fixed.
Sold the Tahoe later for $5000
Netted me $8,800