Buying auto insurance is one of those necessary evils of adulthood – on par with dental visits, mortgage payments and the progressively more intrusive physical exams that come with age. But however un-fun it may be, don’t just renew your policy automatically each year. As you and your car grow older, your insurance needs may change and you could be overpaying by hundreds of dollars if you aren’t adjusting your policy correctly. So shop around every year – don’t just keep paying the invoice over and over without comparison shopping!

First, use internet websites like Esurance and Progressive that offer quotes from other competing companies. Get an idea of what premiums are like based on the coverage you’d like to have. Then take the results of your research to your insurance agent. Insurance agents really have a lot of leeway – they can match prices and offer discounts, especially if their business depends on it.

Changing the deductible on your collision insurance can save you a lot of money, just keep in mind what you can afford to pay if you get into an accident. If you can change your deductible from a $50 deductible to a $1,000 deductible, you could save hundreds of dollars or more. If you don’t think you could come up with $1,000 out of pocket in the event of an accident, change it to a $500 deductible – you’ll still save a sizable amount on your annual premium payment.

You can also reap big savings by changing your comprehensive deductible, especially if you’re driving an older vehicle. Many people purchase new vehicles, pay for full coverage and continue to do so for years without taking into account the depreciated value of the car. If your ten-year-old vehicle is worth $1000 or less, why continue to pay $1,000 per year for comprehensive coverage? If the vehicle is totaled in an accident, the insurance company will likely only pay the wholesale value of the vehicle – which may wind up being less than what you spent on premiums!

Your insurance agent can help you run the numbers to find the best level of coverage for your specific situation. You may also be eligible for special discounts if you insure more than one vehicle with the same company. Almost all insurance companies offer a multi-car discount – if yours doesn’t, it’s time to switch! Most companies also offer discounts if you have other policies – like homeowners, renters or life insurance – with them.

Take advantage of every available discount you’re eligible for. It may seem silly, but double check that you’re getting the correct rate for your age. Younger drivers are always charged more – make sure your rate is adjusted when you grow out of a certain bracket. Auto features like alarm systems, anti-lock brakes and air bags may be eligible for discounts, so bring in details of any special security features when you meet with your agent. Your affiliations may also help you out – I’m eligible for special policies through a company which only insures teachers and education workers and through the alumni association at my university.

Don’t be afraid to get quotes from different insurance agents – you’ll be amazed by how much they vary. Maybe you’ve been with a company for a while and feel a certain sense of loyalty to them. But how much are you willing to pay for that loyalty? If another company could save you $500 a year, you might want to consider switching. Whatever you do, don’t just keep paying the invoice when it comes in. Your insurance bill should be an automatic trigger for you to make a few phone calls to see if you can save even more money on your auto insurance premiums.