A Suze Orman exclusive

While you want to have plenty of coverage, there are a bunch of ways you can reduce what that coverage will cost you.

1. Have a Great Credit Score
Yup, you read that right. Your credit record can play a role in the premium you are offered. This is a somewhat controversial practice not used by all insurers, but I still want you to be aware and prepared. Some insurers have figured out that if you have a good credit record you're less likely to make claims. And if you're bad at managing your debt, there's a likelihood you're going to be an expensive driver to cover. A University of Texas study found that drivers with the worst credit scores had auto claim losses that were more than 50 percent higher than the average claim, while the claims of those with the highest credit scores were 25 percent less than the average. See my column on Managing Your Fico Score to find ways to improve your credit rating.

2. Check Your Driver's License Record
Just like a credit report with errors messes up your ability to get a good mortgage rate, having a driving record that's full of mistakes is going to be costly, too. Contact your DMV to find out exactly what shows on your record. Are old points still showing up, even though you know they have expired? Don't expect your insurer to keep tabs on points that expire; you need to be the pest who tells them.

3. Raise Your Deductible
Folks, there is no sense in having a low deductible, because the last thing you want to do these days is make a lot of small claims. That's a surefire way to get your premiums raised or have your coverage turned down when you are up for renewal. You can shave 15 to 30 percent or more from your premium by boosting your deductible from $500 to $1,000.

4. Focus on Boring, not Bling-Bling
Cars with street cache are going to cost you more to insure, because they are the likeliest targets to be stolen. Right now a Cadillac Escalade is the most "popular" car to steal. Before you buy your next car you might want to check out the Insurance Institute for Highway Safety's ranking of cars with the "Highest Theft Claim Frequency."

5. No Kidding Around
If you've got new drivers to insure, first make sure they are good drivers. Don't just leave it to the Driver's Ed folks. Get in the car with your kids - a lot - and make sure they are confident yet cautious. Once they get their license, don't buy them a fancy new car. You want them driving something safe, but used. A new driver in a new car is going to wreak havoc on your premiums. And a year before your kid is ready to drive, make sure they understand how they can help you with the insurance: a "B" average or better can often get you a reduction of up to 20 percent on their coverage.

6. The Marriage Gift
Single men under the age of 30 are auto insurers' nightmares. Interestingly, married men under 30 are less of a risk. So if you get married, let your insurer know. You may now qualify for a lower premium.

7. Drop Collision Coverage if You've Got an Old Beater
If you figure you won't be able to get more than a few thousand dollars for your car, then talk to your insurer about getting rid of the collision damage coverage. It probably doesn't pay if the insurance payout on the car isn't going to amount to much, especially if you have a hefty deductible.