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Savings tips for young drivers

Adding a teen driver to your policy can significantly hike up your premiums. Why is that true?

Younger drivers are more likely to get into accidents than older drivers. In fact, car accidents are the leading cause of death among 15- to 20-year-olds, according to the National Highway Traffic Safety Administration (NHTSA). Car insurance companies try to mitigate this risk by charging higher premiums on policies connected to young drivers.

How much more will you pay? An analysis of Insurance.com car insurance quotes found that adding a teen to a policy will cause your premium to surge by an average 44 percent if you own one car. Two-car households pay 58 percent more, while three-car households have to dig deep to pay premiums that increase by 62 percent.

Although it's tough to avoid these higher premiums altogether, there are things you can do to reduce your costs. For example, enroll your teen in a driving safety program, and your insurer might offer you a discount once the teen completes the course.

Students who maintain good grades also may qualify from a discount from their car insurance company. And of course, it always pays to shop around for the best car insurance rates before choosing an insurer.

So remember, there are ways to insure your teen driver that are cost-effective. Here are a few more articles that can show you how to lower your costs and snag the best car insurance rates.