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It's the way of the world: children grow up, learn to drive and inevitably increase your family's car insurance rates. Because of youth and inexperience, teen drivers are inherently more risky to cover and this usually remains true until they reach age 25.

But you've got to get your teen insured eventually, so you'll have to deal with the rate hike and hope for the best. However, it's not all doom and gloom when it comes to adding younger drivers to your family's plan because insurance companies recognize not every teen is the same.

That's why it's important to speak with your insurance agent to see how you can take advantage of auto insurance discounts and negate exorbitant expenses as a result of your teenage son or daughter.

Here are a few ways to keep your insurance under wraps:

Raise deductibles
While your overall insurance premiums will increase, you can actually reduce your monthly payments by raising your deductibles. However, this strategy hinges upon the necessity to stay accident-free and avoid insurance claims. If you and your family are particularly safe drivers, then your chances of getting into wrecks are minimal.

With higher deductibles you'll pay more each time you file a claim, but if you play your cards right, those instances could be few and far between. As a result, what you're paying for insurance will be higher after you add a teen driver, but not sky-high.

Ask about student discounts
If your son or daughter is a good student, then it's likely your insurance company will provide a discount. Because there is a correlation between good grades and safe driving, insurers will reward those who can prove their children are exceptional.

It's necessary to ask about any and all discounts you may be eligible for because insurers may not make you aware of them beforehand.

Drop unnecessary coverage
You want to be fully insured so all of your family members and their vehicles are covered in the event of an accident. However, sometimes excess coverage is only making your insurance more expensive - and it doesn't have to be.

For instance, many younger drivers are given hand-me-down vehicles that are likely several years, or even a decade old. These cars have little cash value because of their condition. As a result, if an old car is totaled, the deductible on the claim can actually be pricier than what the entire car is worth, which means you'll be losing money.

You can eliminate comprehensive or collision coverage from these types of cars because there is essentially no benefit to paying high insurance rates for coverage that is not useful.

Factor in college
Once your teen graduates from high school and embarks upon his or her college journey, they may be moving far away from home. In this case, they may not be taking their car with them, or perhaps the car was never theirs to take.

Many insurers will allow you to adjust your insurance plan accordingly if your teen won't be driving as frequently as they once were. In college, many students can get around just fine by foot, eliminating the need to have a car and pay for expensive insurance.

On the contrary, if your child still drives regularly in college and continues to make good grades, you may be granted another student discount.

Being aware of all the insurance options when adding a teen to your plan can protect you from having to fork over thousands of dollars.

CoverHound can help you find affordable car insurance for your family conveniently online.

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