This is why all states have limits for coverage. In California, the limits are 15/30/5. That's 15k per person, 30k per accident, 5k for property damage. Believe it or not, MANY people carry this. You hit a 95 Civic and total it with that coverage, everyone is already SOL. That's why there are SO many lawsuits.
And yes, 90% of people on these boards and everywhere else are underinsured, especially for property damage.