We have to accept one fact: car insurance can be really expensive. Add to this the fact that maintaining a car itself is really very expensive these days. Add economic slump and here you are with a complete recipe for financial disaster. Younger drivers - especially those aged from 17-24 years -  are the highest risk group. That’s the reason why insurance companies place very high premiums on this group.

You should not be paying such high insurance premiums if you fall under that age group. Here are ten most successful tips to save money on car insurance.

1- Be a named driver

If you can’t afford to pay all those hefty premiums then there is no better option than sharing the policy with your parents. This might also reduce premiums for you in future if you have a ‘clean’ driving record.

2- Be the best

If you can prove to the insurers that you are an experienced driver then they can think on reducing the insurance premium. You might have to produce a certificate from a driving school to add the authenticity factor.

3- Start with economical cars

Don’t try to start your driving life by going with the high and mighty. A cheaper car is what you need to show to your insurers. These cars are easier to maintain and generally have good performance record - provided that you drive really carefully.

4- Install safety features

Safety alarms, vehicle tracking system and other security features are helpful in getting manageable insurance premium rates. An insurance company will definitely reward a young driver for added vehicle security.

5- Avoid major modifications

Youngsters are fond of modification but crunch times don’t allow for that luxury. Additionally, an insurer will also happily increase your premium rates in case of a major modification.

6- Build a no-claims bonus

You can build a no-claims bonus (of course in your own name) to reduce the premiums to half or even two-thirds. This will not happen in a day and you’ll have to pay more initially but the long-term impacts of this bonus far outnumber the initial financial strain.

7- Change the excess payments

Similarly, change the excess payment you are willing to pay on any claims. This will automatically reduce premiums.

8- Practice will make you perfect

We have already advised you to take driving lessons. If you also go for a lot of practice - by driving regular and for longer duration - then you can achieve perfection in a shorter time. If your insurance agent sees that perfection then a further cut in premium rates is highly probable.

9- Look out for the deals

The increasing competition and shrinking customer base has forced many companies to offer subsidized rates to young drivers. Some may also offer cheaper insurance premium rates if they are in real need for new customers. So you have to be real vigilant in finding any lucrative deals.

10- Be yourself

Confident drivers are less likely to involve in any accidents and are better drivers. Never try to overdo anything or go with the thrill. If you have acted upon some of the above mentioned tips then you’ll definitely be able to cut your insurance premium rates.