How to determine if you're smartly insured

When consumers buy insurance, they are guided by a "well, you never know philosophy." That, according to experts, is a huge mistake.

Saving money can be as easy as making a phone call. "The number one way people waste money is simply not asking for all the credits that they could," says Bill Wilson, associate vice president of education and research for the Independent Insurance Agents & Brokers of America.

For instance, most insurance companies offer discounts for customers who buy more than one type of coverage. There are also deals for good drivers and for teen drivers with good grades. People should periodically review their coverage to make sure they are getting the most value for their money. Here are a few of the most common mistakes.

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Has your driving routine changed because of a job loss? Notify your insurance agent immediately if you are putting less mileage on your car and your rates will be lowered. Also, watch deductibles, particularly if your vehicle is older, otherwise someone may pay as much to insure their vehicle as it is worth.