As millions of Americans tighten their belts, they’re focusing new attention on an often overlooked place to save: car insurance.A recent torrent of TV ads promote just about every imaginable form of discount car insurance under the sun. And a good insurance agent often can help you save even more cash.You may be in a hurry to get a rate quote. But Jerry Becerra, founder of Barbary Insurance B
Before considering such a move, know the value of your car, which you can get through sources like NADA Guides. If your car is damaged or stolen, your insurer will only cover you up to the "actual cash value" of your vehicle. Weigh the value of your car against the costs of carrying collision and comprehensive coverage.
On the other hand, Carrasquillo says you should never skimp on liability coverage, regardless of your vehicle's age, because you could be on the hook for hundreds of thousands of dollars if you cause a serious accident.
Raise your deductibles
It's easy to get into the habit of simply renewing your auto insurance policy year after year without making any changes. But Bill Mills, vice president of the SIA Group in Jacksonville, N.C., suggests re-evaluating your collision and comprehensive deductible amounts regularly.
If your deductibles are only $100 or $250 and you're a good driver, consider boosting the deductibles to $500 or $1,000. Lower deductibles come with higher price tags and "you've wasted money," Mills says.
Watch those miles
Keep an eye on how many miles you drive each year because some auto insurers offer a low-mileage discount, Mills says. Discounts are especially likely if you have a short daily commute, take public transportation to work, telecommute or drive mostly for pleasure.
Companies have different upper limits on the number of miles you can drive to qualify for the discount. While some car insurance companies take your word on how much you drive, others install devices to monitor your mileage and base discounts on the number of miles you chalk up.
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