If your New Year’s resolution involved saving money, one thing to take a closer look at is your auto insurance cost. To be fair, you don’t necessarily want the cheapest possible coverage you can find, but there are some ways you could potentially maintain excellent coverage and save money at the same time. With that in mind, here are seven strategies you can use to help lower your insurance costs in 2024 and beyond.

1. Shop around

This is perhaps the most obvious strategy on the list, but far too few people actually do it. It takes very little effort to gather a few quotes from auto insurers every year or two, and it could save you hundreds of dollars. This is especially true if you’ve had any major life changes, such as getting married or moving.

2. Think about a higher deductible

Of course, a higher deductible means that you’ll have to pay a higher amount if you get into an accident. But if you’re comfortable with that possibility, increasing your deductible can save you serious money. Increasing your deductible from $500 to $1,000 can reduce your annual premium by 20%-25%, according to an Insurance Information Institute executive.

3. Bundle several types of insurance

There’s a good chance that your insurance company offers more than just auto insurance, or at least partners with other insurance companies that do. In many cases, you can get insurance discounts for bundling several types of coverage with the same company. To be clear, it’s still important to shop around, as bundling isn’t always the cheapest way to go, but bundling can save you money on several different insurance policies.

4. Take a defensive driving course

Not all companies give this discount, but some will lower your premium significantly if you take an approved defensive driving course. These courses are typically very inexpensive, will take about a half day of your time, and can save you hundreds of dollars per year.

5. Consider insurance before you buy your next car

Did you know that the type of car you buy will have a big impact on your insurance cost? Insurers consider several factors, and not just the repair costs of the car. They’ll consider the likelihood of getting in an accident, how often that model is stolen, and the safety features that come with the vehicle. Of course, this won’t apply to you unless you’re in the market for a new car, but it’s worth comparing insurance costs as part of your research.

6. Work on your credit score

Many people aren’t aware that insurance companies will often monitor your credit history, and will use this information when determining your insurance premium. The short explanation is that there’s a statistical correlation between responsible credit behavior and a low number of insurance claims. But it can be a smart practice to keep your credit score high, or take steps to improve a bad credit score, such as with a secured credit card.

7. Do you need full coverage anymore?

You’re generally required to maintain liability insurance to protect other drivers, their passengers, and pedestrians if you cause an accident. And if you have a newer car, you will typically have collision and comprehensive coverage as well, which covers damage to your vehicle. If you still have an outstanding car loan, you’re usually required to carry these types of coverage.

However, once your vehicle gets a little older, carrying these might not justify the added cost. One general rule is if your insurance premium exceeds 10% of the car’s value, you might want to consider dropping some coverage, which could save you about $1,000 per year in many cases.

Not a complete list

To be sure, there are many ways to potentially save money on auto insurance, and many insurance companies have their own discounts they give to certain customers. And there’s no guarantee that these will save you money, especially if you already have a highly competitive premium. But there’s a solid chance that at least one or two of the strategies on this list could have a significant impact on your car insurance costs.

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