What is the deal with insurance ads that say you can name your own price?

If it is too good to be true, then it probably is.  If you are choosing your insurance based on price rather than protection, you will probably end up with a policy that provides very little protection.  If you have assets to lose, then you should buy as high of liability limits as you can afford.  Choosing your policy based on price can only mean that your coverage limits must be reduced to meet the price you set.