Don't File Small Claims

Insurance policies with high deductibles not only save money on premiums; they prevent policyholders from being penalized for submitting many small claims.

"The more claims you file, the more you're going to pay for insurance," says United Policyholders' Bach. Too many claims can prompt insurance companies to refuse to renew your policy or to raise your rates.

Other insurers will also know about the frequency of your claims, because insurers use shared databases, she says.