Young drivers usually pay some of the highest premiums, but many insurers reward students who keep strong grades. The cutoff varies by company, and you'll typically need to send a recent report card or transcript to qualify, sometimes again each term. Homeschooled and college students may qualify too, depending on the insurer.

There's a second student discount that families often miss. If a young driver on your policy attends school far from home and doesn't take a car along, some insurers lower the rate because that driver rarely gets behind the wheel of the family vehicle.

Both discounts usually have to be requested, and they don't always carry over when you switch companies or renew. Ask your agent which documents they accept, mark the renewal date on your calendar, and update the insurer as soon as your student graduates, moves back home or brings a car to campus, since those changes can affect coverage as well as price.