#7. Raise the Deductible

Collision and comprehensive may seem like a good idea, especially when the agency requires it or if you have a later model car, but then there’s another option- raising your deductible.

Studies have shown that those who raise their deductibles from $500 to $1,000 tend to save about $200 each year for their premiums, and those who raise theirs from $500 to $2,000 save about $362 per year.

Keep in mind though that raising this means you pay more when accidents happen, and for this reason it’s recommended that you keep the money you save for a rainy day. Drivers who don’t drive that much should pick out a plan that’s based around personal usage.