Do you feel like you're paying too much for your car insurance? If so, then it's time to explore your options for cutting back on costs. While it's always a good idea to "shop around" with different auto insurance carriers at least once a year to make sure you're getting the best deal, there are some additional steps you can take to potentially save on your monthly payments.

Consider a Higher Deductible

Start by assessing your current coverage, including your deductible. This is the amount of money you'll be responsible for paying out-of-pocket before your coverage will begin. Generally, the higher your deductible, the lower your monthly payment will be (and vice versa). If you currently have a very low deductible, you might consider increasing it in exchange for a lower monthly payment. Just be sure that your deductible is always an amount you can comfortably afford if the need arises.

Re-Evaluate Your Coverage Needs

Now is also a good time to re-evaluate your specific coverage needs. For example, perhaps you carried full coverage insurance on your vehicle for years because you were required to by your lender. However, if you have now paid off your vehicle, that requirement may no longer be in place and you may be able to reduce your coverage as a result. If you're comfortable with doing this, you can save a substantial amount of money on your premium.

Inquire About Special Discounts

When was the last time you asked your insurance agent to check your eligibility for special savings and discounts? If it's been more than a year, you could be missing out on substantial savings. Auto insurance carriers offer discounts for a wide range of things, such as being a current student, being a member of a specific organization, or even paying your policy premium in-full as opposed to spacing it out monthly.

Update Your Information

Last but not least, make sure the information on your policy is completely up-to-date. For example, if you recently moved and you haven't yet updated your address, you could be missing out on insurance savings (especially if you moved to a ZIP code where auto thefts and accidents are statistically less common).

A little bit of effort and research can go a long way when it comes to saving you money on your car insurance, so be sure to follow these tips and see how much you could save!