2. Raise Your Deductible
The logic behind this strategy is straightforward. Insurers charge more for policies where they are on the hook for a larger share of any claim, so agreeing to cover more of the smaller repairs yourself shifts some of that risk back to you in exchange for a lower monthly bill. This works best for drivers who rarely file claims and who have enough savings set aside to comfortably absorb a higher out of pocket cost if an accident does happen.
Increasing your deductible, the amount you pay out of pocket before your insurance kicks in, can meaningfully lower your premium. Moving from a 250 dollar deductible to a 1000 dollar deductible, for example, often reduces your collision and comprehensive premium by a noticeable percentage. Just make sure you keep that deductible amount available in savings, since you will need to pay it if you ever file a claim.
Quick tip: Run the math both ways, a higher deductible only makes sense if the premium savings over several years clearly outweigh the extra amount you would pay out of pocket during a claim.