Over half of parents stated they help children cover driving costs
Overall, parents are spending £2bn helping their children get onto the road. Mothers are usually the most generous with money, spending £396 a year, whilst fathers contribute £367 towards their children’s motoring expenses. Surprisingly, parents even contribute to their kids’ driving expenses even when they’re aged between 26-30, and a third of parents supported children over 31 years’ of age. 20% of parents said they’d either buy, or contribute towards the purchase of a car for their child, 16% help with paying for MOTs and servicing, 15% help cover insurance costs and 11% help with accident repair costs. When questioned why they helped their children out with motoring expenses, 35% of respondents said it was so that they could ensure their child is driving a safe vehicle, and 48% said it was because their children were unable to afford to fund the running of a vehicle by themselves.
This comes after it was announced last year that the number of 17-20 year olds with a driving licence had dropped from 43% in 1995 to 31% in 2014. The proportion of 21-29 year olds with a driving licence has also fallen, amid concerns that it is now too expensive to run a car, and money shortages due to higher house prices and paying off student debts. The cost of buying a car has also risen, in 1995 a five year old Ford Fiesta would have cost £3,250, but in 2014 a five year old Ford Fiesta cost £5,510.
Although running a vehicle can prove costly, there are some ways that you can reduce your insurance premium. Driving a low-value, less powerful car with a smaller engine can help reduce your premium, as well as taking further qualifications or adding an older driver to your policy. Here at Tradex, we offer Young Driver Insurance, and we can provide a flexible policy, allowing you the option of paying a higher excess in exchange for a lower premium.
image c/o Asim Saeed