Parents spend extra £525 yearly on young drivers

Summarised from 3 outlets · Updated 8 Oct, 15:08 · Archive

Parents spend an additional £525 a year supporting children who have passed their driving test, according to a study of 500 parents.

Parents spend an additional £525 a year once their children get behind the wheel of the family car, according to a study of 500 parents whose children have passed their driving test in the past three years.

Ninety-four per cent of parents surveyed contributed financially to keeping their child or young adult on the road. The main costs include car insurance (55 per cent of parents), fuel (48 per cent) and servicing or repairs (27 per cent).

Six in ten parents allow their child to use the family car to learn to drive. A further 20 per cent handed over the keys to let their children build confidence after passing their test. Others made the family car available to allow their children to visit friends or family (19 per cent) or to plan social trips (16 per cent).

Fourty per cent of parents lent their vehicle to their children because the young people were unable to afford their own car. A further 37 per cent made the family car available whilst their child was saving for their own vehicle.

Emily Barnett, an insurance expert for Compare the Market, said parents play a significant role in helping young people get behind the wheel. 'Every family's circumstances are different, but if someone only needs to borrow a family vehicle occasionally, it's worth understanding the different insurance options available,' she said.

The research was commissioned by Compare the Market to highlight its temporary car insurance product, which offers cover for just an hour at a time.

How it is being reported

• Parents spend an additional £525 a year once their children get behind the wheelParents fork out an additional £525 a year - once their children get behind the wheel of the family car previously only used by mum and dad.Croydon Guardian · 8 Oct, 14:42
• Parents spend an additional £525 a year once their children get behind the wheelParents fork out an additional £525 a year - once their children get behind the wheel of the family car previously only used by mum and dad.Wandsworth Guardian · 8 Oct, 14:42
• Parents spend an additional £525 a year once their children get behind the wheelParents fork out an additional £525 a year - once their children get behind the wheel of the family car previously only used by mum and dad.News Shopper · 8 Oct, 14:42

In this story: Compare the Market · Emily Barnett

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem