Take the highest deductible you can afford on collision and comprehensive coverage. Before buying a vehicle, determine the cost of insuring it. High-performance vehicles usually mean higher insurance rates. And if you're financing your vehicle, chances are that the bank is going to make you take out comprehensive and collision insurance, which will drive your insurance costs up. Stop driving your car to work.
Insurance companies charge higher rates for cars that are used for commuting.
Switching to mass transit or a van pool is a plus for your community and the environment. It can be good news for your family's budget, too. You may be paying more in premiums than you would receive if your car got damaged or stolen. If you're a young driver, see if your parents will add you to their policy. While the overall premiums will balloon, you'll probably be paying less than you would if you tried to get a policy on your own.