If you are involved in an accident the “per person” limits cover you and anyone one else who’s injuries or death *you* may be responsible for. That involves occupants of other vehicles, pedestrians etc. It also provides a legal defense if another party involved in an accident files a lawsuit against you. These can be from medical bills, pain and suffering, loss of income etc.
Generally a good rule of thumb is to carry enough insurance to cover any judgement against you without jeopardizing your personal assets such as such as vehicles, home, etc.
You mention your parents, so I assume you don’t own a home. But, being a High School student you may be considered your parents responsibility in the event of an accident and it may be possible that someone could go after your parents assets in a judgement. You may want to look into that and if this is the case you will want to carry enough insurance to cover your parents assets, not just your own.
Uninsured/Underinsured covers you, the uninsured members of your household and passengers on your bike. If you *do* opt to not have this coverage just don’t ever bow to peer pressure and allow anyone else to ride your bike or allow any passengers. This also covers YOU should a driver who has insufficient or NO insurance hit you. I don’t know about where you live, but we have a *lot* of drivers (some illegal) who carry insufficient or no insurance. You may want to think twice about not having this coverage. People driving with a suspended license for DUI is another good example of the uninsured/underinsured category.
The Insurance Information Institute (I.I.I.), recommends coverage of at least 100,000 per person and $300,000 per accident.
For my own insurance I have $250,000 per person and $500,000 per accident.
My Property damage is $100,000
Uninsured/Underinsured $250,000 per person and $500,000 per accident.
Medical Payment $5,000 each person
I would much rather be over insured than underinsured if the worst were to ever happen. It may seem expensive at the time, but the last thing you want is someone going after your home etc.