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.

Auto insurance is a form of protection not only for you but for other motorists sharing the road and property holders as well. It is important to have and it is required by law. Auto insurance is mandatory in nearly every state in the country. If you do not have an active and legitimate insurance policy, there can be serious legal consequences including fines and imprisonment. This makes finding a insurance policy that is affordable and which provides adequate coverage a pressing concern for motorists.