The first rule of cheap insurance is to compare a lot of quotes on premiums. There can be huge premium differences, even between the major insurance carriers, so shopping around is a quick and easy way to save money.
Making comparison shopping even easier, some websites actually compare insurance quotes for you for free; an example is a company that has a series of state-specific insurance sites, e.g. Nevada Insurance Quotes, Alaska Insurance Quotes, etc., with a national address of http://www.nationalquickquotes.com. After entering your personal information, it queries the major insurance providers to let you compare premiums on insurance policies.
Aside from comparison shopping, here are some more ways you can shave some money off of your car, homeowner, or renters insurance quotes:
Some car insurance coverages increase your premium by a healthy margin. Legally, you need liability coverage, and if you have a car loan you need collision, but additional coverage beyond those might be expendable. For example, gap coverage is only worthwhile if you owe more than your car is worth, as it covers you in case you're in an accident and owe your lender money beyond your claim. Another type of coverage you may not need is Medical/Personal Injury Protection, if you have strong health insurance coverage that covers you anyway.
Many drivers already have roadside assistance, through AAA or their original car dealer's roadside protection, etc., and therefore don't need towing/roadside assistance coverage. The list of potentially unnecessary coverage goes on, so make sure you grill your insurance agent on each additional coverage beyond liability and collision.
When considering the amount of homeowners or renters insurance to buy, the first thing you need to do is take a good, hard look at what you own, and how much it's worth in cold cash. Bear in mind that you'll have to shell out a hefty deductible (typically $500-1,000) in order to make a claim, which eliminates 99% of personal property immediately. Unless you own a $10,000 diamond necklace, it might not prove cost effective to buy renters insurance at all.
Some insurance is absolutely, 100% required or recommended, but some insurance is entirely extraneous. Talk to your insurance agent about each specific type of insurance and additional coverage, and make sure you actually need it.
