The Insurance Information Institute estimates at least 32 million households in the U.S. own insurance policies that aren’t right for them. Here are some tips to figure out if your current policy should be adjusted.

You’re getting married
If you and your spouse each own a car, consolidate your policies and look for a multi-car discount. Examine liability limits because, as a couple, you’ll have more joint assets exposed to liability. Make sure you have adequate protection in the event of an accident.

You’re getting divorced
Car insurance and ownership are often settled by divorce agreements and whoever gets the car(s) is usually responsible for coverage. You may no longer qualify for multi-car discounts, but if your ex had a lousy driving record, you may do better on your own. You probably have different assets now, meaning your coverage needs have changed. If finances are tight, consider raising your deductible or eliminating comprehensive and collision coverage to decrease your rate.

Your teen is a new driver
It’s usually cheaper to add your teen to your current auto policy, but you could purchase a policy for him or her to decrease your policy rates. With an older vehicle, consider waiving collision and comprehensive. Some insurers offer discounts if teen drivers maintain a certain grade point average or pass an accredited young driver safety program.

You carpool
Check to see if your liability insurance covers additional passengers.

You’re moving
A move across the street can affect your rate. Relocating to a rural community with little crime and traffic congestion may reduce your premium, as could moving to a house with a garage or moving closer to work. A move to a metro area could mean a higher premium.

You’re buying a new car
Cars are insured on a risk scale. Trading in your BMW for a Subaru means you’ll pay less. Sports cars and other high-performance vehicles are higher risks because they’re targets for thieves and vandals, and their owners tend to drive recklessly.

You’re turning 55
Maturity pays off. You’ve accumulated about 35 years of driving experience and insurance history; some companies give discounts for drivers 55 and older. Participating in a state-approved driver safety course designed for mature drivers, like the one offered by AAA, could lower rates.

You’ve retired
Premiums could drop considerably with the change in driving habits. One car may be all you need. Your assets may drop too, if you’re spending money on support, travel or the grandkids.

Good financial planning includes understanding your policy and adequate protection for you, your family and your assets. Contact AAA for an auto insurance tune-up for appropriate coverage and lower rates.