We don't have any maxes on our insurance and our deductibles are not too bad so it seems like carrying personal injury protection on our car insurance is a waste. I want to lower it to the min 20/40k instead of what they recommend 250/500k.
That depends on your health insurance. PIP will often cover your missed work as a result of an injury - which isn't a problem if you health insurance also does this but there is a chance it does not. What would you and your wife do for money if you became paralyzed?
In all probability, having lower coverage levels will result in higher premiums.
As my insurance agent explained to me, the higher your coverages, the lower the insurance company believes your risk to be - because you think about insurance smartly, you're less likely to make spurious claims.
I have my coverages run at various levels every 18-24 months, and it is almost always true that higher coverages result in lower premiums.
Also, there is no guarantee you'll still be employed by the same company if an injury happens. Or that they'll continue to offer the same plans every year.
Insurance is a calculated risk on the part of the insurer, and a means of sharing/deflecting risk (at a cost known as your premium) on the part of the insured.
Even if your premiums are slightly higher (on the order of a couple dollars per month, for example), do you really want to save a couple dollars and then be surprised when your health insurance company doesn't want to cover something?