Can a car insurance company legally charge a late fee on a monthly premium payment? I'm already paying a high cost for insuring the car.

It's your responsibility to pay the car insurance premium on time. Yes, a car insurance company can charge you a late fee. Not only that, you can suffer a lapse in coverage if you fail to pay the premium on time.

Look for ways to save money on car insurance if you think you're paying too much. Get car insurance quotes from at least three companies to compare prices. Besides price, consider insurers' quality and reputations.

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Maintain good credit and a clean driving record to qualify for the best car insurance rates. Your driving and credit histories are among the factors insurers consider when setting premiums. The type of car you drive is another consideration. Expensive sports cars are naturally more pricey to insure than modest family sedans and minivans. Let your insurance agent know if your car is equipped with the latest safety features, which may qualify you for a discount.

Consider dropping collision and comprehensive insurance if you have an older car that's lost most of its value. Generally it doesn't make sense to maintain those optional types of coverage if the vehicle is worth less than $1,000.

If you maintain collision and comprehensive insurance, consider raising the deductible. You can cut the premium by 40 percent or more simply by raising a $250 deductible to $1,000, according to the Insurance Information Institute.

Do you buy car insurance and home insurance from separate companies? See how much you'd save by purchasing both types of coverage from the same company. Many insurers offer multi-policy discounts. Consider other discounts, too. A variety of insurers, for instance, now offer usage-based discounts for driving safely and logging a low number of miles.

For more, see 12 ways to save money on car insurance.