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Cutting Auto Insurance Costs: 8 Crazy Ways to Cut Auto Insurance Costs

You have to get auto insurance: your state probably says so and your auto finance company definitely says so. But who says you can't cut the cost of your auto insurance? With that in mind we've created this “Crazy Eight” list of ways you can cut the cost of your auto insurance premiums.

1. Your Driving Record

This is one item you can control. Have you gotten into a lot of accidents? Have you gotten a lot of traffic tickets? Do you drive too fast?

Consider taking a defensive driver or safe driver course—many auto insurance companies will cut the cost of your premiums if you do. Also, consider changing your driving habits. Becoming a safer driver is not only good for you in terms of safety, but in the long run, it'll help reduce the cost of your auto insurance. 

The car you drive factors in to your auto insurance costs, so choose carefully!
The car you drive factors in to your auto insurance costs, so choose carefully!

2. What Kind of Car Do You Have?

Auto insurance costs depend on the kind of automobile you drive. Expensive luxury cars, sports cars and SUVs will cost you more in auto insurance than a standard sedan. Make sure to find out what your auto insurance will cost before you invest in the car of your dreams.

It might be a huge letdown to find out that your auto insurance is going to be too expensive before you buy your dream car, but it's much better to find out before you've signed any papers than it is to find out afterward that between the car payments and auto insurance payments, you won't be able to afford rent or gas for your new "baby."

3. Get Auto Insurance Cost Quotes—Lots of Them

Make sure to obtain as many auto insurance cost quotes as reasonably possible. Don't just rely on the Internet, call some auto insurance agents in your town for quotes, too.

And make sure when you compare your auto insurnace cost quotes, that you're comparing apples to apples. Be sure the coverage and deductibles are the same or at least roughly similar. Research the companies as well, make sure they're financially stable, reputable and that they pay their claims. It does you little good to pick the lowest cost auto insurance and pay your premium for years, only to find out the day you have an accident that your auto insurance company is on the verge of insolvency and they won't pay your claim.

A steering wheel lock.
A steering wheel lock.

4. Anti-Theft Auto

One sure-fire way to reduce your auto insurance cost is to make it harder for thieves to steal your car. Experts suggest a multi-layered approach; that is, using several anti-theft devices on your car. Try to install anti-theft devices you can document for your auto insurance company.

A few good automobile anti-theft devices and techniques are installing an anti-theft, or alarm, system (or buying one when you buy your car); a vehicle recovery or tracking system so your car can be found if it's stolen; etching your Vehicle identification Number (VIN) on your windows (you can buy a kit to do this or check with your local police as they may do it for you for free or at a low cost); an electronic immobilizing device which can help prevent thieves from hot-wiring your car; and a steering wheel lock which is visible to thieves.

5. Higher Deductible=Lower Auto Insurance Cost

Take a look at the deductibles on your current auto insurance policy. In case you don't know, the deductible is the amount your auto insurance company requires you pay before they pay out a claim. If you're financing or leasing your vehicle, chances are the bank or finance company has set a low limit on your deductible. But still, you may have inadvertently chosen an even lower deducible than they require.

For example, if your bank requires a $500 deductible and your auto insurance policy has a $250 deductible on it, you can lower the cost of your auto insurance policy by raising the deductible to $500. Be sure you can afford the higher deductible, though because if heaven forbid you're involved in an auto accident or your car is stolen, you'll have to pay it. As a plus, though, you could always put the amount of your auto insurance deductible in the bank to earn interest for you until the day you need it.

If your car is more than a few years old, your auto insurance should cost less.
If your car is more than a few years old, your auto insurance should cost less.

6. Over-The-Hill Auto

If you've held on to your car for a number of years, it may be time to reconsider your insurance coverage. The value of your car will have dropped and therefore, the value of your auto insurance should have dropped, too. There's no sense in paying for $17,000 worth of auto insurance coverage for a car that's worth $8,000.

Additionally, if you've already paid off your car loan, you might not need full coverage (collision and comprehensive) or you might be able to live with a higher deductible than your auto finance company allowed. Now is the time to take a look at your old car and your auto insurance coverage to see if you can cut costs.

7. Drive Less, Save More

If you can cut your commute, or at least the amount you drive, you could cut the cost of your auto insurance.

Consider joining a carpool. If your boss will allow you to tele-commute, or work from home, at least a few days a week, think about doing it. Try taking public transportation at least part of the way to work, if not all the way. Auto insurance companies often give discounts for low annual mileage, so look at ways to cut down on your daily driving to cut down on your auto insurance costs.

8. More Insurance=Less Cost

If you have other types of insurance besides auto insurance—such as home owner's insurance, life insurance or boat insurance, for example—see if your auto insurance company will reduce your cost if you purchase other types of insurance from them.

This might also work if you need to insure more than one vehicle, for example a spouse's or child's car. 


There's nothing wrong with trying to cut the cost of your auto insurance. If your interested in saving money, you should look at every way possible to save on your auto insurance. The “Crazy 8” ways to cut auto insurance costs we offer here are only a beginning.

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