One firm that specialises in discount car insurance for young drivers recently said that around half of the nation’s teenage drivers need to rely on the help of their parents to get behind the wheel – to the tune of £8,620 on average.
Motor car insurance provider Quinn-direct found that it takes the average new driver more than 40 lessons and three driving tests to earn their license. When taking the current average costs into account, parents face having to set aside more than £1,400 in order for their children to become licensed drivers alone.
The costs keep mounting, however, as the price of a first car will usually set parents back an additional £2,400. Car insurance rates for younger drivers are even more costly, with the average premium price being upwards of £4,700, making the costs of simply getting a young driver up and running more than £8,600.
Parents of male teens are in for even more costs, as young male drivers are seen as a larger insurance risk. This can lead total costs in excess of £10,000.
Research has shown that the majority of British families are not putting enough money aside to get their children out on the road. While many put enough cash aside to purchase their son or daughter their first car, parents often underestimate the costs of insurance cover, leaving an average shortfall of an eye-watering £5,125.
However, parents of female teenagers can count themselves lucky indeed, as the insurance costs for the average 17 year old girl are much less expensive than for a boy of the same age. In some instances, the difference in price can be up to £3,866, official industry figures reveal.