You are exactly right. Since you do not have any assets and you are not financing a vehicle, you only need liability coverage
. Another reason you would only want to carry liability is the value of the vehicle. If you have full coverage, your rates will likely double and then you would also be responsible for the deductible in the event of a claim. You would likely pay more for full coverage than the insurance company would pay out on the claim. Good luck and if you have any questions, don't hesitate to ask
. Bear in mind, you can still be burdened with debt if you cannot pay for the damage you cause.