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.

A new study released by the Kaiser Health Foundation found that millions of people who pay for their own insurance are facing big increases in premium costs. The study says that most people in the US get health insurance through an employer, but there are 14 million under the age of 65 who purchase it through the individual market. And three out of four of those people have recently been told their rates were on the rise.

The study found that the average recent rate increase was 20 percent. Most are paying the increase, but some are switching plans or changing to a different company. “With people in the individual market being hit with average increases of 20%, the survey shows that the steep increases we have been reading about over the last several months are not just extreme cases,” Kaiser Family Foundation President and CEO Drew Altman said in a news release.

The survey found that the average annual premium for someone paying for their own insurance is $3,606 while those with employer-sponsored coverage have annual premiums that are $4,824 on average. Typically older people say they’re paying higher premiums than younger people.  The survey questioned 1,038 people between the ages of 18-64 who pay for their own health insurance coverage.

People who get laid off on or after June 1 can no longer turn to the government for help to cover 65% of their premium costs for COBRA health coverage. COBRA lets workers stay on their former employer’s group health plan for a period of three months. This assistance that once came from the government expired on June 1, and it does not appear that lawmakers will continue it according to the Wall Street Journal.

A new jobs bill once held an extension of the COBRA payment plan, but it was removed. The bill is now in the Senate. Those who lost their jobs between September 2008 and May 31, 2010 could still apply for insurance assistance for up to 15 months. Their former employer would be responsible for paying health insurance costs plus a two percent administrative fee. Under subsidies provided by the economic stimulus package, premiums run $387 on average. Without the assistance, family premiums jump to over $1100 a month. For those who lose their jobs after June 1, the government will no longer pick up that $720 difference.

Families USA found that those laid off after June 1 would have to spend 84% of their monthly unemployment insurance checks on COBRA premiums in order to keep their families covered. Unemployment checks are about $1,313 on average. However in 11 states unemployment income actually would not be enough to cover insurance costs. ”It’s ironic that in a little over two months after health reform passed and is designed to achieve significant coverage improvement, in the short term we will go backwards,” said Ron Pollack, executive director of Families USA, in a Wall Street Journal report.

Another option would be finding individual coverage which could be cheaper, as long as there are no preexisting conditions. “Cobra coverage is so expensive, but the alternatives are either going without coverage or having to go to the individual market,” Park said to the Wall Street Journal. “As long as there’s not a gap of 63 days or more in coverage, you’re guaranteed access to the individual market so insurers can’t deny you. But it may not provide the same comprehensive benefits.”

The oil leak in the Gulf of Mexico is the worst in US history, but according to the Wall Street Journal it won’t lead to huge insurance claims. But that doesn’t mean insurance companies won’t hike premiums. Experts predict the oil leak will cause losses of about $611 million for insurance companies. But as the oil leak continues to gush, that number could rise. Zurich-based insurance company Swiss Re has been the hardest hit by the oil leak and estimates that it will cost about $200 million. Experts say just 20% of the losses stemming from the oil leak are covered by insurance companies. BP will take the largest hit and officials say the company self-insured the risk instead of purchasing liability insurance.

Besides BP, other victims of the oil leak include fishermen and businesses involved in the tourist industry. “In our view, potential business interruption claims represent the largest unknown for insurers,” Moody’s said in a Wall Street Journal report. A hurricane hitting the gulf could make one of the worst disasters in US history even worse for the insurance industry. “Depending on the strength and track of the hurricanes, vast amounts of the existing oil slick and dispersant agents could be captured by the storm and driven well inland by the storm surge,” said Alex Sosnowski, senior meteorologist at Accuweather in a GreenBusienss.com report.

Experts predict that insurance costs for oil rigs will jump, as will prices for offshore energy liability insurance because insurance companies are expected to reevaluate the risks of drilling in deep waters. According to GreenBusiness.com those rates could rise up to 50 percent. Officials say the oil leak could also drive property insurance premiums up by 15 to 25 percent for shallow offshore projects.

A congressional committee approved a bill that would overhaul the National Flood Insurance Program. This move impacts more than five million homes and businesses that are sitting in flood-prone areas, according to a Reuters report. The program had recently expired, causing issues for anyone wanting to sell or buy property in a flood zone.  Here’s a look at the changes that would happen if it is approved by the House and Senate:

• It would continue the program for five years until September 30, 2015.
• New rate maps for flood zones would be delayed. This would help homeowners facing higher insurance rates.
• The bill would also overhaul the program’s administrators so it can function more efficiently.

Democrat Maxine Waters chairs the subcommittee working on this issue and says they have figured out cost-saving methods which is important since the program has carried massive debt since the destructive 2004 and 2005 hurricane seasons. “The focus on NFIP should be on providing coverage for those vulnerable to natural disasters, not to subsidize the wealthiest Americans, so we are phasing out premium subsidies for second homes and vacation homes, which will save the program a lot of money,” Waters said in a statement according to Reuters. The House of Representatives Financial Services Committee approved the bill.

Insurance providers including Allstate, Travelers, Hartford Financial Services and Fidelity National Financial all have a big involvement in the National Flood Insurance Program. The program is administered by FEMA to provide flood coverage. They buy the coverage from about 90 companies that sell policies and collect premiums for the government. Those premiums are given to FEMA. “A long-term reauthorization of the NFIP is extremely important, especially for Americans living in flood-prone areas,” Blain Rethmeier, spokesman for the American Insurance Association, said in a Reuters report. The Independent Insurance Agents and Brokers of America, also known as Big “I”, issued a statement of support for the move. “The continued short term extensions of the NFIP have caused considerable confusion in the marketplace,” said Charles Symington, senior vice president of government affairs for the Big “I”. “We strongly support the Financial Services Committee’s efforts to pass a long term extension of this important program and hope that the full House and Senate will consider this legislation promptly.” 

Millions of people worldwide are finding out what it means to be stuck. A volcano eruption in Iceland caused plumes of thick ash to limit visibility and ground airplanes. Some travelers found themselves stuck in airports and hotels, unable to get home, or forced to cancel their vacation plans. Turns out, travel insurance may have been a wise purchase.

Jim Grace, President of the US Travel Insurance Association told KOMO that most travel insurance policies cover cancellations due to medication, terrorism or when the travel company goes bankrupt. And you can also add volcanoes to that list. “A typical policy will cover weather-related events which is actually what we’re talking about with this ash plum, they consider that wind carrying the ash, hence weather,” says Grace.

How much will a decent travel insurance policy set you back? Experts say a good rule of thumb is four to eight percent of the cost of your trip. It may not be worth the investment if you’re just taking a weekend getaway, but for that once in a lifetime trip, travel insurance will offer peace of mind. “If you’re buying a travel investment — it’s the trip of a lifetime, a honeymoon … and it’s a big event and you’re investing thousands, if not tens of thousands of dollars, it probably would make sense to consider insurance to protect that investment,” said John Pittman in a CNN report, vice president of industry affairs for the American Society of Travel Agents.

Right now, about one in three American travelers bother with purchasing travel insurance, according to statistics from the US Travel Insurance Association. Since September 11, the SARS outbreak and the H1N1 scare, more people are deciding to purchase travel insurance, according to Grace and after the volcano delays, sales may erupt.

If you decide you want travel insurance, you must buy it before a major event happens. For instance, with the volcano, travelers who purchased travel insurance policies before April 13 were likely covered from ash delays, but anyone after that would not have been covered. “It’s kind of like buying homeowner’s insurance after your house is on fire. That wouldn’t be covered,” Dan McGinnity, vice president of travel insurer Travel Guard North America, told CNN.

An earthquake struck California earlier this week with the epicenter shaking rural Baja California. While the 7.2 magnitude did some damage, it was not widespread. However, the natural disaster did bring to light that few Californians carry earthquake insurance. In fact, according to KPBS, only 12% of California homeowners have earthquake insurance. “California homeowners, in this most recent event, basically dodged the bullet,” said Glenn Pomeroy on KPBS. Pomeroy is the CEO of the California Earthquake Authority, which is a state-run non-profit that provides 70% of the earthquake insurance in California. “Let’s say the 7.2 that happened on Sunday happened under Los Angeles,” Pomeroy said. “We would see massive destruction. Homes destroyed. Infrastructure badly damaged.”

In 1994, following the costly Northridge Earthquake, California leaders created the earthquake authority which now has the ability to cover billions of dollars with of earthquake damage claims. But in order to receive it, homeowners must purchase policies and the majority do not. Think you’re covered by your homeowner’s policy? Not so says Pomeroy. Most do not cover earthquake damage. “Keep in mind that FEMA grants usually top out at about $30,000,” Pete Moraga told KPBS, a spokesman for the insurance industry in California. “And if you get or qualify for a low-interest loan, it’s still a loan and you’re going to have to pay it back.”

So how much can an earthquake insurance policy cost? Experts say if your house would cost $200,000 to replace, you would have to pay $30,000 out of pocket before you get any insurance money. That means the insurance often only covers cases of extreme damage, unlike what occurred as a result of the recent California earthquake. The annual cost for a policy can be as much as $1,000 a year in places that are more likely to get hit. But experts say other locations can cost just a few hundred dollars a year. However, some believe homeowners are better off putting that money towards improving their current home rather than buying policies. According to Pat Abbott, professor at San Diego State,”For most people they are better off spending even a few thousands of dollars strengthening their existing homes, and remove problems they have, at a cost less than the deductible on their insurance policy anyway.”

With guests to entertain, a reception space to decorate and programs to fold, I never bothered to check the weather report for my honeymoon. It wasn’t until I got to the Atlanta airport hours after getting hitched and noticed my gate was abnormally empty that I wondered what was up. A CNN weather report blared, “there’s a category three hurricane heading to Belize.” I pushed my worries aside and my new husband and I boarded the plane. It was us, and a handful of other people including a crew from The Weather Channel. Weather Channel host Jim Cantore sat to our right. “What are you guys doing here?” he asked. “Going on our honeymoon,” we gushed. Cantore proceeded to tell us that we should have driven to Charleston instead. He warned us about impending mud slides in the mountains of  Belize, but we weren’t going to let anything stop us from our dream honeymoon. Perhaps if we’d had travel insurance we wouldn’t have been so set on heading into the eye of the storm.

But often travel insurance seems silly. I mean, nothing’s going to happen, right? Think of your vacation as an investment. Deciding whether you want to protect that investment is up to you, but here are some points to consider:

The more you spend the more you’ll want to protect your trip. If you’ve only spent a couple hundred dollars on a nearby vacation rental, it may not be a big deal to you if the trip gets canceled. But if you’ve saved up for this vacation for ten years, travel insurance may offer peace of mind that you’ll get the vacation you’ve been dreaming of.

If you have a lot of connecting flights you may want to consider travel insurance. Certain types of travel insurance can help you if one of the legs of your trip is canceled. Anyone who has dealt with airlines knows it can be tough to get answers or find help.

Consider when you are traveling. If your trip is in the middle of an active hurricane season you may want to spring for insurance. If you’re heading to a place where hurricanes aren’t likely you may be OK skipping it.

Are you traveling with or planning to buy anything expensive? Certain types of travel insurance will cover your belongings. If they get lost or stolen your insurance will pay for them to be replaced.

If you prefer to have peace of mind when you travel, then travel insurance can be a great buy. But if you prefer to live life on the edge, then you may want to skip it and see what happens just like we did for our honeymoon.

There is so much going on in a single health insurance policy that it can be overwhelming to compare two separate policies. You may not know which points to look at or which points should get more weight in your decision than others.