there is a type of insurance that is absolutely necessary, else you could get challan for not having it.. other than that i dont have insurance of any sort... just regularly pay the zakat..
i started job in 2011 start at 22k, i had a 86 charade at the time, which was my brother's who had moved to saudi arab. that charade cost me about 10k per month, 55km daily driving, fuel, maintenance etc. so that was about half my salary. and that charade was kept in excellent condition coz i have irritation if there is slightest problem in the car. most of maintenance i did my self coz wasnt happy with mechanics.
i used to save monthly 5000rs, managed to save about 2lac in 2 years. i also gave tuitions too.
right now i have comittee to save money. its same principle. now i just send 10k into comittee and forget about it.