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There are two important coverages provided by your own policy: 3rd party liability and uninsured/under-insured motorist coverage. Most of the time, the policy purchased by the owner of the auto you've borrowed will be primary, but the owner may have selected the minimum amounts of coverage. It's very possible for circumstances to result in losses that far exceed such minimal limits in which case having your own policy in place can save you from financial ruin.
Having your own policy also protects you against the risk of inadvertently driving an auto on which the owner has allowed insurance to lapse; in the event of an accident, you as the driver will be solely responsible for any damages and medical expenses that result - both to 3rd parties and to the owner of the car you were driving.