The decision to allow your teen to get behind the wheel is a big one. Not only are you putting a great deal of responsibility into the hands of your child, but you can also put out a great deal of money to cover the cost of their insurance. Fortunately, car insurance coverage for a teenager does not have to break the bank. Learn what cost-savings strategies you can apply to their coverage.

Keep the Same Policy

Don't assume that buying a separate policy is going to automatically be the cheapest option. In some cases, you will only pay more for coverage when you purchase a different policy. Research the cost to simply add the teenager to your existing policy. Having multiple vehicles on the policy usually means a multi-car deduction, which offers a considerable saving. 

Find out About Student Options

Contact your insurance company directly to find out what type of student options they offer for insurance coverage. For example, some insurance companies give discounts for the mere fact that the insured driver is a student. Other companies offer additional discounts when the driver maintains a certain grade average. Find out about all the student discount options that are offered. 

Talk About Safety

Safety is an important topic all parents should speak with their insurance drivers about. From minimizing distractions, such as texting while driving to following the speed limit, a safety discussion keeps your teenager safer on the road but also keeps insurance cost low. Your teen will be better equipped to avoid an accident, and since accidents increase insurance cost, you can inadvertently save money. The more you talk, the more your teen will know. 

Rely on Courses

Insurance prices are primarily based on a risk assessment. The greater the risk the insurance company believes a driver poses, the higher their insurance cost will be. If your teen has had some violations on their license or has had their license suspended, consider enrolling the teen in a juvenile remedial course. A successful completion of a driving course could lower the risk level of your teen driver and save you a lot of money over the course of your car ownership. 

When you keep cost low, you keep more money in your wallet, but you can also keep your teen safer on the road — which is most important. Make sure you apply the above, and other, cost savings tips for your family's coverage.