Everyone is looking for ways to cut costs these days and your auto insurance coverage may have some hidden savings. Here are four ways you can lower auto insurance costs.

1. Reduce Coverage on Older Cars. Have a car that’s been around the block about a million times? Make sure you’re not buying more insurance than you need. There is no need to insure the car for more than it’s worth. If your car is totaled, you’ll only be able to get the value of what the car was worth anyway. Experts say it may be OK to drop collision and comprehensive coverage if your car is worth less than ten times the premium.

2. Raise Your Deductible. Going from a $250 deductible to $1000 can cut your monthly costs by as much as 40% which is no small savings. Just make sure you consider how easily you’ll be able to come up with the cash for the deductible if something were to happen.

3. Shop Around for Your Teen. Most people just assume that adding their teen drivers onto their own policies is the cheapest way to go, but that’s not necessarily true. You may be surprised what kind of rates you can find when you shop around with other companies that specialize in high-risk drivers.

4. Ask About Discounts. People that work from home or use public transportation can score cheaper rates because they’re not driving as much. Ask your auto insurance agent if there are any discounts available that you may qualify for. If you’ve been a customer for a while they may give you a lower rate or if your car has added security features.

The number of no-fault insurance fraud cases have risen steadily in New York with 11,000 incidences reported already this year. Compared to last year this is a seven percent increase. The New York State Insurance Department is suggesting changes be made in required auto insurance coverage to hopefully eliminate the number of fraud cases. The changes will impact consumers in terms of the insurance requirements and the cost of auto insurance.

To get the right kind of auto insurance, you have to recognize your needs to provide adequate coverage for your vehicles and family. However, even if you find just what it is you’re looking for, you may not know exactly what it entails in its entirety.