Starting June 27, parents of teenage drivers will be able to purchase a unique form of insurance backed by high-tech monitoring systems from Safeco. The product, labeled "Teensurance," seeks to cultivate safer driving habits in a high risk driving population.

The National Highway Traffic Safety Administration reports that automobile accidents are the leading cause of death in the 16-20 age bracket, with drivers age 17 experiencing a third more accidents than their 18-year-old counterparts. Approximately 6,000 teenage drivers die each year from vehicular-related causes. Given these statistics, specifically targeted, enhanced insurance policies are attractive to worried parents.

The Teensurance policy includes the installation and use of a system called Safety Beacon. The device, mounted under the dash, employs GPS-technology to deliver notifications in real-time about reckless habits behind the wheel.

Using available online tools, parents and their teenage drivers can negotiate acceptable driving parameters that include such factors as distance, speed, location, and time. Alerts are transmitted to parents via regular or cell phones or by computer. Services bundled into the package include roadside assistance on a 24/7 basis and the ability to unlock the vehicle via cell phone.

The Teensurance coverage will be available in 44 states at a guaranteed monthly rate of $14.99 on a two year commitment. With additional fees, the per year price comes to approximately $180, including installation of the GPS equipment. Safeco insures approximately 4.3 million customers in the United States.