While most parents would prefer to keep their teenagers off the road, you probably won’t have much success encouraging them to withhold from getting that long awaited ticket to freedom. 

Unfortunately, because teenagers are at a higher risk for traffic accidents and tickets, their insurance rates can easily be 50 to 75 percent higher than their parents.  Furthermore, premiums for teenage drivers generally won’t be significantly reduced until they turn 25, get married or both.  In the meantime, they'll stand to save money by having themselves added to your insurance policy instead of getting their own policy.

Here are some ways to reduce car insurance premiums, courtesy of the Independent Insurance Agents of America:

• Make sure your teen stays in school and studies to make good grades. Many insurers offer discounts to good students.  A "B" average or better in school carries a lot of weight in keeping insurance costs down.
• Sign up your teen for a supplementary driver's education course.  Many insurers will offer a discount to offset your investment.
• If your teen will be driving a family car, designate one vehicle he or she will drive.  Otherwise, the insurance company will calculate the premium based on the highest risk vehicle covered by your policy.
• Consider a higher deductible. Moving from a $250 to $500 or $1,000 deductible can save you 10 to 20 percent on your premium.  Consider whether you can absorb the extra out-of-pocket expense in the event of an accident.
• Reward safe driving.  More than anything else, an accident- and ticket-free driving record will keep your premiums at their lowest.