I have carried a boradform insurance policy for over 30 years. Called a Broad Form, Named Driver policy, it insures me, not the vehicle, for minimum limits of liability and very limited medical. I can drive any passenger vehicle, but no motorcycles or commercial vehicles. These days it runs about $300 a year to keep the policy in place. I think it was around $175 a year way back when I first got it.
For me it made sense. Regular policies insure each vehicle individually. Since I was in my early 20's I have owned and driven more than one vehicle simultaneously, and keeping 2, 3 or 5 separate policies was eating up my beer money.
The only time I ever had a full coverage policy was when I bought the Ram new in 2001 and the Legacy new in 2005. I carried the required collision and comp to satify the finance company, and the day I made the last payment on each I cancelled the policies.