Provided are a computer program product, system, and method for adjusting a number of insertion points used to determine locations in a cache list at which to indicate tracks. Tracks added to the cache are indicated in a cache list. The cache list has a least recently used (LRU) end and a most recently used (MRU) end. In response to indicating in a cache list an insertion point interval number of tracks in the cache in a cache list, setting an insertion point to indicate one of the tracks of the insertion point interval number of tracks indicated in the cache list. Insertion points to tracks in the cache list are used to determine locations in the cache list at which to indicate tracks in the cache in the cache list.