Vehicles are one of your biggest expenses, and I hate hearing from people who are saddled with big debts from their autos. Today we’ll cover everything from getting a better loan (if you currently have one), the dangers of extended warranties, and ways to save on your existing car. Plus, I have tips on the types of insurance you don’t need, and much more.

Click on one of the links below to get started or just work your way from the top down.

Get a better car loan
Shop around for insurance
Raise deductibles
Cancel your extended warranty
Gas Buddy: Find the cheapest gas nearby
Cancel whole life and get term insurance
Cancel identity theft insurance
Cancel life insurance for children and non-income earners

Get a better car loan

The Boston Globe reports that 80% of car purchases are financed at the dealership. However, credit unions offer interest rates that can be as much as 2.5% less than other lenders. If you have a car loan, it’s worth a phone call to a local credit union and see if they will refinance your loan.

Don’t extend the term! If you have 36 months left on your loan, you want a new 36-month loan with a lower rate. If you extend your current term (48, 60 months, or more), you’ll likely end up paying even more in interest.

Check with online lenders too at bankrate.com

Shop around for insurance

Most people don’t bother to shop around their car or home insurance every couple of years. You can save big bucks by doing this.  Listen to details on where to shop in this episode:

I just re-shopped my insurance in December 2015 and saved 30% on my new policies.

Raise deductibles

Your deductible is the amount of money you pay out-of-pocket if you get in an accident or the roof caves in on your house. Most people go with the lowest deductible available, which increases your annual premiums.

On average if you increase your deductible from $500 to $2,000 you can save %16 on your annual home insurance.

North Carolina residents, for example, save, on average, 25 percent when increasing a home deductible from $500 to $1,000.

Before you increase your deductibles, make sure you have enough money in your emergency fund to cover the cost. You want to avoid a situation where you have to charge the deductible on your credit card.

If you can afford it, take the highest deductible that your home or auto insurer will allow you to. Typically that is $1,000.

Never file an insurance claim for tiny amounts like a cracked windshield or scratched bumper. The insurance company will raise your premiums next year by as much as 25%, or worse – cancel your policy.

Cancel your extended warranty

Consumer Reports found some surprising stats when they researched extended auto warranties:

• 55% of people who bought an extended warranty never used it.
• Of the 45% who did use it, on average, they spent more on the warranty than it paid for repairs.

The amount of money you will spend on extended auto warranties over your lifetime will far exceed what you would save if you took the money and stuck it in a savings account instead and paid for any repairs yourself.

If you currently have an extended warranty on your car see about canceling it if you can get reimbursed for the unused balance. If you can’t make a note to not renew it again.

It sounds like a good deal, but when you figure 30-40 years of car ownership, the math is not in your favor.

Gas Buddy: Find the cheapest gas nearby

Gas Buddy is a free app providing a real time gas prices forum so that consumers can have access to the information necessary to locate the lowest fuel prices available.

I’ve seen prices vary by as much as $0.25 a gallon around my house for gas stations located one mile from each other.

Cancel whole life and get term insurance

The only people that like whole life insurance are the people that sell the policies and make huge commissions. If someone sold you on whole life, it’s time to find a different salesperson to explain term-life insurance to you. It’s about 1/20th of the cost.

By switching from whole life to term and investing the difference, you’ll come out much better in the long-run.

Cancel identity theft insurance

This stuff is garbage. If you want to hear the full story of why you’re paying too much for this stuff and how you can get better identity theft protection for cheaper, listen to this show episode:

Cancel life insurance for children and non-income earners

Life insurance is for the protection of financial assets. Such as a primary breadwinner in the family is lost. Children are not financial assets. Parents get sucked into buying life insurance for their children because salespeople tell them it’s what every loving parent would do. It’s a waste of money. The likelihood of a child dying is minimal.

In the same vein, if you have a whole life or term policy on a spouse that doesn’t generate any income, it’s pointless. Your spouse is a financial liability, not a financial asset.

I’ve never had a life insurance policy on my wife Katie because I’m the primary income earner.