The car insurance you need when your car is brand new is often considerably different than what you need later on. Initial rates are generally higher, since you're required to get both comprehensive and collision coverage if you took out a car loan to pay for the vehicle. Comprehensive pays for the repair or replacement of your car from damage that doesn't result from an accident, and collision covers damages if you're in a wreck.

Once it's paid off, most people forget to save money by exploring their car insurance options. Check the value of your car through the Kelley Blue Book or NADAguides.com. You might have more collision insurance than you need. And in some cases, it might be worth dropping it entirely, especially if your car is an older model.

"It's often smart to drop collision on older vehicles," says Mike Barry, spokesman for the Insurance Information Institute. "Comprehensive is so inexpensive, and you're giving up a coverage you might need -- that's worth hanging on to, though."

Among the reasons you might need comprehensive coverage: damage from storms, vandalism and theft.