Is your teenager about to go off to college?

It could possibly save you a fortune on your car insurance.

According to KTNV.com, when your student goes to college, it could work out in your favor in any one of several different ways:

Fortunately, there are several ways a college-bound child can work wonders for your car insurance rate:

• If your child won’t be driving, you could save a fortune by excluding them from coverage while they’re away. Students who live and work on-campus probably won’t need a vehicle, and in a number of major metropolitan areas public transportation is the best (and cheapest) way to get around. If your insurer doesn’t allow exclusions for students, search for a company that does with free car insurance quotes from InsWeb.com.

• Many college-bound students still need to drive — just not as often. For these students, pay-as-you-go car insurance is ideal. It tracks a driver’s usage and adjusts premiums accordingly, rewarding low-mileage drivers with rock-bottom rates. Progressive and GMAC offer pay-as-you-go car insurance in more than a dozen states.

• By requesting a distant student discount from your insurer, your premium will drop dramatically and your child will be covered while home during holidays. Also, if your child qualifies for a good student discount — usually a ‘B’ average or better — you could save up to 10%.

Sending your child away to college provides a golden opportunity to shop around for car insurance quotes and save money. With an inexperienced driver out of your household, many car insurance companies could be willing to offer you a much lower rate than you pay currently. Shop around and see how much you could save.

If you find yourself thinking about the high costs of college, perhaps finding out that you can possibly save on your car insurance will help!