• Reduce or drop physical damage coverage on an older car. Depending on your car's age and where you live, comprehensive and collision coverage may not be worth keeping. Your independent agent or broker can give you advice on whether it makes sense to reduce or drop this coverage altogether.
• Raise your deductible. According to the Insurance Information Institute, raising your deductible from $200 to $500 could reduce your collision and comprehensive cost by 15 to 30 percent. In addition, because the average driver files a collision claim only once every 10 years, odds are that over the lifetime of your car, a higher deductible will save you money. Your independent agent or broker can show you how raising your deductible will lower your premium.
• Look for discounts. Many insurance companies reduce premiums for certain driver traits or car features; for example, being a homeowner for more than three years, nonsmoker, nondrinker, students with good grades, senior citizens who have taken an approved defensive driving course, people who only drive for pleasure, cars kept in garages, anti-lock brakes, anti-theft devices, air bags, etc. Ask your independent agent or broker to check.
• Don't assume having your car and home insured by the same company is the best option. Because auto insurance rates vary so much from company to company, it may make sense for you to have your car and home insured by separate companies.
Shed light on insurance savings by visiting an independent insurance agent or broker. To find one, visit driveinsurance.com.