Parents pay out more than £2 billion a year to help their children with motoring costs, a new survey reveals
Over half (52%) of UK parents admit to helping their kids with car running costs over the last 12 months, spending an average £762 per child
In addition to covering every day running costs, parents are also contributing an average of £2,201 to the price of their children’s first cars.
And while almost half (49%) admit that helping their kids is a financial burden, nearly nine in 10 (86%) say young people’s salaries alone are not enough to cover the cost of motoring.
In July 2018, the average annual insurance premium for 17-24 year-old-drivers reached a staggering £1,309.44, fuelled in part by the Insurance Premium Tax (IPT) which adds on an annual average of £161 to each premium.