Your car's "amount covered" is the maximum amount we'll pay for loss or damage in the event of a successful claim.
Comprehensive Car policies holders can select an amount covered, within a certain range, and choosing a lower amount usually lowers your premium.
Third Party Fire and Theft Car policies holders can select from two coverage amounts, $5,000 or $10,000, and choosing a lower amount usually lowers your premium.
Of course, it'll also mean you may not receive enough to replace your car with the same model and condition if yours is written off or stolen, so you may have to settle for something else or pay extra out of your own pocket. Whether that trade-off makes sense is up to you. As your car ages, its replacement value may drop. Consulting a few car sales sites for an estimate and updating your amount covered accordingly may save you a few bucks on your premium.