It is important, as a practicing Catholic, that you get married in the Church. While I can understand your concern about insurance and finances, the validity of your marriage is of utmost importance. A civil ceremony may be “legal” in the secular world, but, it is not in the eyes of the Church.
Coming off planning my cousin’s wedding Mass, I can tell you that the liturgy, itself, will not entail a great deal of expense. I paid about $125 (my aunt pitched in an additional $150) for a cantor and the organist. I did the programs, chose the readings and music and worked with my PV. If finances are a problem, you can certainly consult your pastor about arrangments for the fee.
You can have a simple reception for just a small group of family and friends. This could be a breakfast, lunch or dinner (depending on the time of day you choose to marry).
I told my cousin (and I will tell you) that folks, sadly, will make much ado about the reception and all of the trappings and not consider the sacramental nature of the marriage. For me, it is more important to have my marriage blessed by the Church than to have my dress designed by Vera Wang, my flowers flown in from the tropics or have some fancy menu that I cannot even pronounce served at my reception.
It is better to begin your married life with the blessing of Christ and His Church than without it. There need to be three people in your marriage: you, your future spouse and Christ. Without Christ, without the blessing of His Church, you would be starting off on the wrong foot.
Please, please talk to your pastor. Something else to consider is that what you will be doing is a life-long commitment. The Church provides you with the necessary counseling and guidance so that you and your fiance can make your future marriage work. Through the guidance of the priest and a sponsor couple, the Church helps you understand the complexities of married life like finances, children, family situations and the like. Please, whatever you do, do not leave the Christ and His Church out of planning for your marriage.