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According to the study, parents are covering the costs of everything from petrol to cars – while young drivers are being charged an average of £600 more than the UK average for car insurance.

The annual Tank of Mum and Dad report from Compare the Market found parents are most likely to help their children with insurance, shelling out an average of £288 each year to cover costs.

Parents are also paying out £178 a year on vehicle repairs, followed by ever-increasing fuel costs (£169) and vehicle tax (£125).

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.

You can read the more from the RAC news team – here . Copyright Press Association 2018. Motoring News articles do not reflect the RAC’s views unless clearly stated.