Just because a company has the money to pay claims doesn't mean that they will do so willingly. A lot of the cheaper insurers are notorious for hanging their insureds out to dry when claims get into six figure territory. Even for mid-size claims (e.g. $10k-50k) companies like Geico are notorious for lowballing you and refusing to pay for certain things such as personal injury damages even if your policy covers it. Even if they end up paying out in the end (which they will) it's a huge hassle to get there and can often involve legal action (or the threat of it).
Personally I wouldn't touch any insurance company without a solid reputation behind them. You don't want to have to deal with fighting your insurance company after being in a huge accident.
Couldn’t have said it better myself. Car insurance is just a monthly payment until you actually need it.