Car insurance is a very important aspect of owning any car. This couldn't be more true when that car is a European luxury vehicle. To be safe you need to make sure you are covered, and more importantly covered the right way with the right sorts of coverage.
Uninsured or underinsured coverage can be your best friend if you get into an accident with a driver that doesn't have insurance or doesn't have enough insurance. If you don't have enough of the right type of coverage yourself, you could be out-of-pocket a significant amount of your own money. This is the case even if you are not at-fault.
So, do your due diligence. Your car and your future self will be happier, safer, and potentially in a better financial situation.