Understanding the ins and outs of car insurance isn't easy. But learning the basics will help you become a more educated consumer. Better yet, it could even save you money.

Here are 5 car insurance tips you should know.

Car Insurance Tip #1: Higher Deductible = Lower Premium

The first car insurance tip is a no-brainer: a higher deductible will translate into a lower premium. You will incur higher out-of-pocket costs should you need to file a claim, but the amount you'll save on your premium may be well worth it.

Tip #2: Car Insurance Discounts Can Save a Bundle

When it comes to saving money on car insurance, tips like "look for discounts" are often dismissed as irrelevant. A few bucks here, a few bucks there—not even worth your time, right? Wrong! Car insurers offer discounts to:

Snagging just a few available discounts could save you a small fortune.

Tip #3: If You Let Your Policy Lapse, You'll Pay More

Drivers who allow their car insurance to lapse are viewed as risky and irresponsible, and are charged more for car insurance. To avoid this, if you're switching car insurance companies, make sure you purchase your new policy before your old policy lapses.

Tip #4: The Best Coverage Options Are Often the Cheapest

Optional forms of coverage such as comprehensive coverage, gap coverage, rental car reimbursement and uninsured/underinsured motorist coverage provide valuable protection at a low price. For example, rental car reimbursement coverage could save you thousands in rental car fees if your vehicle is damaged or stolen, but generally costs less than a day's worth of rental fees annually.

It may be tempting to skip these coverages to save a few bucks upfront, but a number of options could save you money in the long run.

#5: Shop Around to Save Money

We saved the best car insurance tip for last: shopping around is the best way to find cheaper coverage! Car insurance rates vary widely between different companies. Coverage with one company may cost significantly less with another, but the only way you'll find out if you can save is by taking a few moments to shop around.

Ready to put these car insurance tips to good use? Using LowPolicy.com's online car insurance quote form, you can shop and compare quotes from several top companies—all from the comfort of your own home. Get started right now!