I have liability only car insurance. No homeowners because my house is owned outright and my health insurance doesn't cover a dime unless I spend $6500.
What I have never done, however, is set up a specific reserve account.
Curious how others do it. I know Ive saved a lot on homeowners and car insurance but now that I went from $1500 car to a $9000 one, Im thinking I need a specific account to pay all the excess insurance into.
Please. No preaching. I like taking good risks. I just want to account for it properly.