The amount you will need to set aside when you self-insure will depend on your specific situation. Self-insurance for life insurance, for example, requires only the amount of money you wish to leave behind for your beneficiaries, while self-insurance for auto insurance requires you to consider the possibility of out-of-pocket expenses in the tens of thousands or even more if you cause substantial harm to another person or their property. In most cases, insurance experts advise that a robust insurance policy is less expensive and less risky than opting for self-insurance. Talking to a financial advisor or insurance agent could help you determine how much you should save if you decide to self-insure.