Mustachian car insurance limits?

[G. Thomas]

I'm going thru bundling home/auto with my wife so getting plenty of quotes.  I want to make sure I'm comparing equivalents, so what is the ideal car insurance setup?

We have 2 cars, one almost 15 years old and the other almost 20. We can self insure all the ancillary items but am looking at 250/500k injury and 100k property. I'm looking at this amount because this is about the minimum to have an umbrella policy, thinking of $1m.

We both have health insurance so I'm not worried about my insurance covering my medical

But is the small stuff like this needed: comprehensive, collision, road service, rental, uninsured motor vehicle, medical protection, theft prevention, PIP

I don't know if I'm looking at this correctly.

Now for home insurance... any specific advice you'd give?

[gooki]

But is the small stuff like this needed: comprehensive, collision, road service, rental, uninsured motor vehicle, medical protection, theft prevention?

Lol. It's not small stuff, some of the above will add a lot to your insurance premium. But no, on the vehicles you own and assuming a half decent emergency fund, they're not required.

As for home insurance, raise the excess to reduce the premium.

[Askel]

For auto insurance- have a good credit rating, a good driving record, and a cheap older car.  Those three things alone make insurance such a low cost for me it doesn't really register on the expenses radar.   I do carry comprehensive and collision, but that's like $150/year extra.   I generally don't go for stuff like rental coverage, fancy loss replacement options, towing, etc. I also max out my deductibles and take all the liability I can get (also cheap). 

Still trying to figure out home insurance. For years on my old cabin, I had a policy that was $125/year.  It wasn't a great policy- about all I expected out of it if my house burnt down was for them to pay off my mortgage and maybe send me a "sorry for your loss" note with an applebee's gift card. 

At some point, my wife and I shopped it around hoping that moving our home policy would get us a better deal on car insurance, but no dice. Apparently some kind of rule changed in michigan insurance and that cheap policy was grandfathered in.

Policy on the new place is quite a bit more, but I'll be pretty sad if that place burns down and wouldn't mind a good payout. I still keep crazy high deductibles though. I'm not going to file a claim unless there is a MAJOR issue.   

[ROF Expat]

Insurance companies work hard to ensure that, at least on the average, they are going to take in more than they pay out.  I believe that they are good at that, so I make it a point to only insure myself against potentially life changing expenses. 

I have homeowner's insurance, health insurance, car liability insurance, and an umbrella policy because a fire, a cancer diagnosis, or a lawsuit might change my family's financial situation if I had to pay out of pocket.  I can afford to replace my car if it is stolen or wrecked, so I don't pay for comprehensive or collision.  I have an extremely high deductible on my homeowner's insurance, but I have more than enough money in my emergency fund to cover repairs up to the cost of the deductible. 

If you can't afford to replace things, you need to insure them.  The more money you have, the higher your deductible can (and probably should) be, and  the less you need most kinds of insurance. 

Insurance is one of several areas where being FI saves you money.     

[G. Thomas]

Thanks for the replies. Going to go with your inputs. Waiting on another quote and will make a move.