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1. Shopping Around
This is the #1 way of saving money on insurance. Are you sure you're getting the best deal possible with your current insurance company? Many people find it easy to stay with the same company for years, but fail to realize they have the potential to save hundreds of dollars each year by comparing quotes from multiple companies. You should shop around at least twice a year to see if you are getting the best deal possible.

2. Multi-Policy Insurance
Various insurance companies offer various discounts if you insure more than one vehicle on a single policy, or if you have your home insured with the same company that insures your vehicle(s).

3. The Higher the Deductible, the Less $ Out of your Pocket?
Yes, it's true; the higher your deductible is, the lower your premium. However, you must be careful not to get in accidents with a higher deductible, as this is the amount that will come out of your pocket before your insurance company starts paying for the rest of the covered damage to your vehicle. If you find yourself with more financial comfort in the future, you might think of lowering the deductible(s) you raised when you needed to save money.

4. Check Before Buying
Before you buy a new vehicle, compare insurance quotes. This way you can see how much it will cost to insure (and possibly change your mind if you find a vehicle with a lower rate) and have quotes to return to if you end up buying the vehicle and need to quickly insure it. High profile cars, cars that commonly have parts stolen, and cars that are expensive to fix will cost you more to insure.

5. Discounts, discounts, discounts.
There are many discounts available to drivers. See the box below for a substantive list:

Common Discounts:

• The Good Driver Discount
  As most of us know, the better we drive, the better our rates will be. Most insurance companies offer discounts to drivers who have not had accidents or received tickets in the last 3-5 years.
• The Safe Vehicle Discount
  Many companies offer discounts for various safety features on your vehicle, including air bags, alarms, factory-installed mechanical seatbelts and antilock brakes.
• The Good Student Discount
  Students currently enrolled in school often receive a discount on auto insurance for their good grades; as many companies feel conscientious students make conscientious drivers.
• The Senior Discount
  Many insurance companies offer discounts to drivers over 50.
• Low Mileage Discounts
  Some insurance companies will offer discounts on vehicles that incur low annual mileage. Many companies have a predetermined number of what they consider low mileage.
• Rural Discounts
  It is almost always cheaper to insure a vehicle in a rural area. Most accidents happen in larger cities, which means if you are a city-dweller, expect higher rates. This also applies to areas where car theft is most common. Generally, residents of these areas will likely be charged higher rates, which is commensurate with the higher risk.
• Occupational Discounts
  Many companies offer discounts to people with certain degrees, such as engineers, scientists, and mathematicians. Historically people in these professions have been less likely to get in accidents. Likewise, many auto companies offer discounts to certified teachers and to people in the military (both active and retired).
• The Internet Discount
  Many insurance companies offer discounts to consumers who sign up for coverage online. Likewise, companies like InsWeb that offer you multiple quotes are able to show the lowest rates available from their various participating carriers for you to insure your vehicle(s).
• Auto Club/Professional Organization Membership Discounts
  Many carriers offer discounts to people who are members of auto clubs (such as AAA) and other professional organizations.

Start saving on your auto insurance today! And when you talk to an insurance representative, be sure to ask if any of the above discounts can be applied to your new policy and further lower your rates!

Source: http://www.insweb.com/learningcenter/articles/saveauto5.htm

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