Parents have forked out hundreds of pounds on a wide range of expensive running costs including insurance, petrol, car repairs and vehicle tax costs. New analysis has found that almost 40 percent of parents have admitted to paying some or all of the costs for the duration of their child’s first year behind the wheel.
This stopped to just 14 percent of parents contributing for a second year with just six percent keeping up contributions into year three.
The report found that parents contributed the most amount of money towards expensive car insurance costs which can be set in the thousands for inexperienced road users,
On average parents paid out up to £289 or 24 percent towards their children’s average insurance policies to ensure they could afford to run a car and get to work.
Over one-third of parents admitted to paying up to £450 on their children’s insurance policies in a major blow to finances.
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Dan Hutson, head of motor at Compare the Market said it was “essential” driving was made more affordable for younger drivers,
He urged that the most effective way to reduce costs immediately was to switch providers which could help those struggling to keep their cars on the road.
Mr Hutson said: “These statistics indicate that, for many young people, driving has become a necessity that they cannot afford by themselves.
“Nearly three quarters said that their paycheque is not high enough to cover the cost of driving.
“Cars are essential for many in the UK who use them to get to work, see their friends and family.
“A large proportion of people said that their social life or job would suffer if they couldn’t afford a car.
“If this form of transport is out of reach for many in the UK that do not have the luxury of parental support, we can expect many to find it much more difficult to secure and maintain jobs.
“It is essential that driving is made more affordable for the many young people who rely on their cars.
“For those looking to save money immediately, switching insurance providers remains to be one of the most effective ways to reduce costs.”
Previous research from Go Compare also found that parents were willing to break the law to help reduce their child’s vehicle running costs.
One in ten road users admitted to having put themselves down as a named driver on their policy even if they never use the car in a bid to reduce costs.
A further 34 percent admitted they would consider the move if it meant that running costs would dramatically fall.