The general rule of thumb with insurance companies, whether you're applying for health, life, or auto insurance: the higher the risk, the higher the premium (the amount you pay).

According to the Insurance Institute of Highway Safety, 16-year old drivers get into 10x more accidents than drivers 30 and 59 years of age.

Here's how to keep your insurance premium at bay if you're a teen:

1. Enroll in drivers education.
Drivers education (performed either by a school or private company), shows insurance companies that you're an educated driver, which will lower your car insurance premium. Generally speaking, the more educated you are, the less likely you will be to get into an accident.

2. Maintain good grades.
Insurance carriers give lower insurance rates for students who have a Grade Point Average (GPA) of at least a 3.0 in high school or college. Good grades could result in around 10% off your premium.

3. Pass on that Corvette.
Don't go out and buy a Mustang or Corvette. Insuring a sports car is the best way to skyrocket your premium. Older, smaller, and slower cars are recommended. However, contrary to popular belief, SUVs are not considered a good choice, as they have a high turn-over rate.

4. Pay more to pay less.
Really, it makes sense. You could always opt for a higher deductible -- $500 or even $1,000 could cut your premium almost in half. However, should you ever have to file a claim, you must be able to pay