You are here: Home - Insurance - News -

Parents fork out around £5,000 to get kids behind the wheel

0
Written by:
19/09/2012
Some parents are shelling out a whopping £5,000 on average for their kids first year of motoring, according to research by Asda Money.

A third of parents are stumping up the full or part of the cost for lessons with over half paying out between £750 and £1500 to get their children driving, not including the costs for insurance, MOT, servicing costs and in many cases the car itself.

Asda Money say that the average insurance premium for a young driver is £1,982 combined with the average cost of a first time driver’s car, £1,200 on average it soon starts to add up.

Kirsty Ward, head of Asda Money, said: “Letting go of the apron strings and seeing the kids drive off for the first time is a really significant moment for any parent but for many it comes with a whole new set of worries. Parents are anxious about letting their children loose on the roads for the first time, but they’ve also got the huge cost of driving lessons and running a car to contend with.”

Despite parents being happy that they no longer have to chauffer their children around anymore, 24% of parents are worried their kids will be distracted by friends or loud music and 23% are concerned they’ll have an accident resulting in them writing off the car.

Parents are being urged to shop around for the best deals in car insurance, especially as the EU Gender Directive is about to be enforced this December.

The new legislation will now require insurers to price premiums irrespective of gender – which insurers say will mean that rather than young men’s premiums lowering to match those of young females, young females will see a hi8ke in their insurance premiums instead.

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2206540-businesslines
Pension and gilt returns under threat from govt RPI plans

Some British pensioners, as well as investors in index-linked gilts, face lower returns if proposals to align the retail prices...

Close