I use the cheap multimeters myself, though now I've had to spring for a bit more for true RMS meters. Dropping things is unavoidable when you often can't feel much of anything with your fingers and frying meters in the Amps, oops, Volts game is also a specialty. I only risk my good meters when I must and find the $7 meters of very good utility.
My workhorse is an old analog needle type Radio Shack meter I've had for 40 years. Piece of crap, terribly inaccurate, but does the job without the EMI of the digital ones which do me in after a while. With a homemade active probe via op amp voltage follower, I can use it for troubleshooting my most sensitive low power analog circuits, where the load of normal meters affects the circuit too much. The RS meter is totally fuse protected, and I still pop those regularly with the volts-oops-amps snafu.
If I ever get a windfall, I'd replace the Radio Shack meter with a Simpson analog. Their meter movements are much better calibrated.