Shopping around doesn't always result in good savings for the time you spend doing it

TULSA - It's required and it can take a big bite out of your budget. We're talking auto insurance.

Jon called to say "I recently found out I was over-insured. I made just a couple of changes to my policy and I'm saving $720 a year!"

The Commissioner for the Oklahoma Insurance Department just released a consumer alert on saving money on your current auto insurance policy.

The Department offers this important information plus where to turn for more help:

Consumer Alert:
Auto insurance savings worth investigating
"While comparison-shopping for your insurance needs is always a good idea, it's not the only way to save some money on your premiums-especially when it comes to auto insurance.
"With premiums rising and family budgets tightening, even a small reduction in premiums can make a big difference. However, consumers should start off by looking for discounts or changes to their existing plan."
-Insurance Commissioner Kim Holland
Here are some ways that you may be able to save money on your auto insurance-while still sufficiently protecting yourself from the worst-case scenario.
Take a look at your deductible: If you can afford to pay a little more out of pocket in the case of a claim, you can turn that into premium savings. Drivers who have a clean record in particular should consider increasing their deductible by a few hundred dollars. The risk is a little higher, but the savings could be significant-as much as 30 to 40 percent on your premium.
Seek out discounts: Auto insurers want to keep reliable, safe drivers as their customers, so they may reward you for being a low-risk driver. Consumers in certain occupations and students with good grades are among those who can qualify for discounts. Check with your insurer to see what kind of deals they might provide.
Re-evaluate your coverage: Do you have an older car, a new auto club membership or an extra vehicle? If so, you may want to take another look at your overall coverage.
If you own your vehicle and you pay more than 10 percent of your vehicle's value each year in insurance premiums, you should consider letting collision insurance lapse. Some insurance policies include roadside assistance, coverage you can drop if you are enrolled in an auto club that provides the same service. And having an extra vehicle you can drive if your primary vehicle is being repaired may mean you can cut coverage for rental reimbursement.
Consider your car choice: What kind of car you drive substantially factors into your auto premium. With the model year ending, more deals will be available on new and used inventory to make way for the next slate of new cars. However, even the cheapest car isn't a good deal unless it has a good safety rating. Looking into a vehicle's track record when it comes to collision, bodily injury and property-damage liability can help you lighten your mental load, without premiums lightening your wallet.
Update your mileage: The more miles you drive, the more your premium will go up-so if you are driving less, be sure to report that to your auto insurer. If you have moved or changed jobs and you have a shorter commute, you could be saving money on more than just gas. Even if you reduced your old 20-minute commute by five minutes each way, you could be saving 5 to 10 percent on insurance.
For more information consumers can visit the Oklahoma Insurance Department Website: or call our Consumer Assistance Hotline at 1-800-522-0071.