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When Bill Wilson's son was in high school and college, his above-average grades lowered Wilson's auto insurance premiums.

Generally, a B average or better qualifies for a discount, he says. Homeowner premiums can be lowered by something as simple as putting a fire extinguisher in the garage or something as expensive as a new roof.

Life insurance can be four times more expensive for smokers than for nonsmokers, so it's important to get your policy redone if you quit, says Byron Udell, founder of AccuQuote, an online life insurance broker.