When it comes to auto insurance, many drivers purchase a policy when they buy their car and then never think about it again—short of paying the premiums and changing out their insurance cards when the policy renews. Unfortunately, failing to review this insurance on a regular basis can lead to you spending more than you need to on your premiums. Here are a few of the key reasons why you should review your auto insurance policy carefully at every renewal.

Your Deductibles May Need Adjustment

The deductibles you choose for your comprehensive and collision coverage directly affect the cost of your premiums. The higher your deductible, the lower your premiums will be. That's because you shoulder more of the financial risk associated with filing a claim.

During each policy renewal, consider your policy deductibles. If you chose low deductibles initially, you may find that your financial situation allows you to pay more per claim now, so you can save money over time on your policy by increasing your deductibles. Or, if you chose a high deductible in the past to save on your premiums, you may want to reduce those deductibles to cut your cash outlay needs in the event of a claim.

You May Earn Credits

Premium credits can help you reduce your auto insurance costs. Depending on your life situation, you may find that you qualify for a premium credit that you didn't in the past. Contact your auto insurance agent today to find out about any available discounts or credits that you might be able to take advantage of.

For example, if your teen is insured on your policy and is now an honor roll student, you might be able to get a good student discount on your auto insurance. If you have added a security system to your vehicle, you might qualify for an added vehicle safety discount. You might also be able to get an added discount if you've purchased another type of insurance policy since you got the car insurance.

Your Usage May Have Changed

When you bought your car, you may have been commuting to work and back on a daily basis. If you've since retired, you may be able to change the usage classification for your car to a pleasure-use vehicle instead. Reducing your estimated annual miles for your car may actually reduce your car insurance premiums because you become a lower risk for claims when your car isn't on the road as often.