How to reduce your auto insurance premiums

10 Tips: It may be time to sit down and review your policy

Here’s something to stop and consider: When’s the last time you devoted mental energy to the particulars of your auto insurance policy? Did you basically set it and forget it?

It’s incredibly easy to let that happen — and if it has happened in your case, it might be high time to refresh your memory on just where your policy stands. You may be able to take a bite out of your insurance bill with a minimal amount of effort.

These quick tips can help you see whether you can save a little – or a lot.

1. Request higher deductibles. The deductible is the amount of money you have to fork over before your insurance policy comes to the rescue. By bumping your deductible up from $200 to $500, you could lower the cost of your collision and comprehensive coverage by 15 percent to 30 percent. By increasing it to $1,000, you could decrease that cost by at least 40 percent.

2. Forgo coverage you don’t need. Think about dropping collision and/or comprehensive coverage on older cars with a low market value. Such coverage often is not worth it because any claim you make probably won’t exceed the cost of the insurance and the deductible amount.

3. Avoid duplicating medical coverage. If you already have good health, life and disability insurance, buy only the minimum personal injury protection required by the state where you live.

4. Purchase a low-profile car. It’s more expensive to insure a vehicle that’s expensive to repair, popular with thieves or known for not having the greatest safety record.

5. Carpool or drive less. Many insurance companies offer “low-mileage discounts” to policyholders who carpool to work or drive a lower-than-average number of miles each year. You can call your insurer and find out whether you qualify.

6. Opt for safety gear. You can qualify for a discount on many policies if you have air bags, automatic seat belts, anti-lock brakes and daytime running lights. An approved alarm system or other anti-theft device can give you additional savings.

7. Seek out discounts for teens. Insure teenagers on the parents’ policy rather than a separate policy. Teens who maintain good grades and pass an approved drivers’ education course usually can qualify for reduced rates. An additional discount may come into play if your child goes to college more than 100 miles from home and doesn’t bring a car along.