Can someone please explain auto insurance to me?

Can someone please explain auto insurance to me?

I have one condo with an 89,000 mortgage. I just bought a 2010 corolla worth about 17,000. I want to cover the basics, but don't want to pay too much. I'm a safe driver, never had a ticket and was only in one accident 7 years ago that wasn't my fault. What coverage do I need?

What is all the uninsured/under insured stuff? If I get in an accident, regardless of fault, won't they pay for my car if I have collision?

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