I try to maintain always with the last version with docker-machine upgrade <vm-name>.
But there is VMs from other maintainers that is not possible to upgrade this way. In this case am using dvm (docker version manager) from http://getcarina.com.
If I want a new docker client version like 1.8.2 for example just install with:
$ dvm install 1.8.2
Installing 1.8.2...
Now using Docker 1.8.2