Suze Orman Money Matters

Since the price of a gallon of gas has soared about 80 percent over the past five years -- including a 30 percent jump in the past year -- filling up these days requires emptying out your wallet.

And with the price of oil stuck above $70 a barrel, any substantial relief at the pump isn't likely in the near future.

But here's a sure-fire way to offset your gas costs: Focus on reducing your car insurance expense. You can't control the price of gas, but you have many ways to lower your car insurance premium -- often by as much as a few hundred dollars. Having that extra money in your wallet should help ease the pain of pulling up to the pump.

The strategies below cover what you can do now with the cars that you already have. Of course, one of the best moves you can make down the line is to think about fuel efficiency when you buy your next car. And when auto shopping, check out the cost to insure the cars you're considering -- the make and model you choose has a huge impact on your insurance costs.

But I want to help you right now with the cars that are already in your garage:

1. Boost Your Deductible

This may sound a bit counter intuitive at first, but the smartest way to save big bucks is to boost your auto-insurance deductible. Raising it from $250 to $1,000 could slash your premium by 15 percent to 30 percent or more. With the average premium hovering around $1,000, that could save you a couple of hundred dollars a year. That's going to come in handy at the pump.

Not only is this a cost-saving move, it's also incredibly logical. First, the odds of you ever making a claim are fairly low. So that's an argument for going with the higher deductible. If you have a low likelihood of tapping your insurance -- and shelling out the deductible -- why pay more for a cheaper deductible?

Even more important, a higher deductible is in sync with how the insurers want you to use it. In a nutshell, insurers don't want you making claims for small fender benders. All insurance -- not just auto insurance -- is really meant to protect us from major accidents and disasters. The small stuff is best paid for out of our own pockets.

Now, there's no law against making smaller claims, but the insurance company isn't going to be too thrilled with this. So it will probably opt to boost your premium at the next renewal to offset your history of frequent claims. In the end, your low deductible is going to end up costing you big time if you use it.

Insurers figure if you have a low deductible, you're going to be more prone to make those smaller claims. That's why the low deductible results in a higher premium. By switching to a higher deductible, you're signaling to the insurer that you will handle the smaller repairs.

And don't tell me you can't afford the repair if you have a higher deductible. If you switch from a $250 deductible to a $1,000 one, your out- of-pocket costs only increase $750 if you were to make a claim. But if you reduce your premium from $1,000 to say $700 by going with the higher deductible, you would recoup that $750 in less than three years. Manage to stay out of an accident for longer than three years, and you're ahead of the game.

2. Get Less Mileage Out of Your Policy

Many insurers will reduce your premium cost by 5 to 10 percent or more if you don't drive your car that much. The rules vary at each insurer, but putting less than 10,000 or 12,000 miles on your car a year could qualify you for the discount.

If gas prices' recent surge has encouraged you to use public transportation, do the math on the impact on your annual driving mileage. If you can get your mileage way down, then give your insurer a call and get your insurance rates cut. Finally, a silver lining from higher gas prices!

If you and your partner have two cars but really only need one for the long-distance commute, it can pay to think strategically: Insure one car for higher mileage, but commit to keeping the other car's mileage low enough to qualify for the discount. That could mean an extra $50 or $100 in your pocket.

You should also check in with your insurer if you've recently retired or decided to start your own home-based business. Switching your driving profile from "commuting" to "pleasure" will result in a lower premium. The same is true if you once used your car for business but now only use it for commuting or pleasure -- remove the "business" designation, and you could get a nice premium cut.

3. Home In on a Discount

It definitely pays to get your auto and home insurance with the same company -- this could yield a discount of up to 30 percent on the combined premiums.

4. Couple Up on Your Policy

Auto insurance is one area where it might not make financial sense to keep your expenses separate from your significant other. If you combine you auto policies, you could see your total insurance costs drop by 30 percent. That's going to help keep your tank full! If you and your partner aren't married, you will need to have both names on each car's registration to be able to qualify for this discount.

5. Get Defensive

Ask your auto insurer if taking a defensive-driving course will reduce your insurance premium. And hey, it's a great safety move even if there's no premium break.

The American Association of Retired Persons (AARP) offers a Driver Safety Program, regardless of your age or whether you are an AARP member. It costs just $10 for an eight-hour course. You can learn more at AARP.org/drive.

6. Put Your Degree to Work

Your education can pay off for you with a lower auto insurance premium. Many insurers offer discounts for advanced degrees and for specific professions. Make sure you check with your insurer if your education or job can drive a better deal.

If you have an alarm system on your car or a vehicle tracking system, make sure your agent knows this as it can result in a serious savings -- as high as 45% -- on your premiums.

7. Play Group

Being a member of a certain professional groups -- say a teachers' association -- could also qualify you for a discount. And while you're at it, check in with any group you're affiliated with, such as your college alma matter. Quite often, they sponsor a plan that can get you a lower rate.

8. Slow Down

A clean driving record can qualify you for a "good driver" discount of 20 percent or so. This means you can't have more than one "minor" blemish, such as a speeding ticket or non-injury accident, on your driving record in a three-year period.

9. Give Yourself Credit

Believe it or not, a version of your credit score plays a role in setting your auto-insurance premium in many states. Yep, if you're a good credit risk, insurance companies figure you're a better insurance risk, too.

The insurance risk score looks at some of the same information that's used to determine your regular FICO credit score. So chances are very good that if you have a high FICO score, you also may have a strong insurance risk score.

If you've had some problems with your FICO credit score but have recently managed to raise it, I suggest checking back in with your auto insurer. If they use an insurance risk score and rerun your numbers, you could now fall into a better "risk" pool, which will mean a lower premium.

There's also a fairly new twist to the car insurance/credit rating relationship. If you have some unpaid parking tickets or even unpaid library bills, your city may have passed your unpaid account to a debt-collection agency. If that agency then ends up reporting the unpaid bill to the credit bureaus, your FICO credit score could take a hit. That in turn can affect your insurance risk score, and voilà, your unpaid parking tickets are liable to result in higher premiums.

10. Make the Grade

Just like when an insurer uses a version of your credit score to help set your premium, it seems that your kid's academic record will come into play when you add them to your insurance policy. Good grades translate into lower premiums.

If your child is a full-time student in high school or college and maintains at least a 3.0 GPA, the cost of adding them to your policy could be cut by as much as 25 percent. The requirements and discounts vary by state and by insurer, so contact your agent to learn more about what discount is available.

You also want to find out how an insurer "assigns" drivers to the cars in your policy. You want to work with an insurance company that allows you to decide which car in your garage you're insuring your kid to drive -- insuring them to drive the five-year-old minivan is going to give you a lower premium than if you insure them to drive your brand new $60,000 luxury car.

So there you have it -- 10 simple ways to shave hundreds of dollars off of your auto insurance premiums.