With the rising cost of health care, court costs, and body shop repairs are the big reasons why you will not see a reduction in your auto insurance premiums. Other factors will be, speeding ticktets or accidents.
While we are in uncertain economic times, gap insurance can help you pay your loan off if you have a total loss. Your loan amount can be higher if the Used Car market goes down causing the value of your car to decrease.
If you have the ability to come up with higher deductibles in a time of a lost, you will save money in the long run with higher deductibles. If it will be a challenge for you to come up with higher deductibles, then pay the additional premium to have lower deducitbles.
You should carry enough liability to cover your net worth. If you have additional exposures such as: young drivers, swimming pools, dogs, lake or pond in your back yard, additional liability insurance makes sense.