‘Bank Of Mum and Dad’ Fuels Rookie Drivers

Wed 7th Sep 2022

While the cost of driving continues to make many consider alternative transport options spare a thought for the nation’s youngest drivers. Rookie motorists, whilst usually keen to be out on the roads, are less likely to have spare cash, but have to pay the highest insurance premiums and with a host of other driving costs going through the roof, it’s hard to understand how anyone fresh out of their driving lessons can afford to be behind the while at all.

New analysis from price comparison website Compare The Market has found that for seven out of ten motorists aged between 17 and 24, the ‘bank of mum and dad’ has played a crucial role in keeping them on the road. 

The data reveals that parents have had to find an average of £780 a year to keep their sons and daughters motor mobile, and while we may be critical about the ‘youth of today’, it is worth remembering that many in that age group require a vehicle in order to get to their jobs.

Compare The Market’s report ‘The Tank of Mum and Dad’ looked at many elements in which parents fund their children's driving. The report found that the average cost a parent contributes to their first car is £3,528, with one in four paying for the road tax in the first year. However, it’s not all taxing, only six per cent bought their kids a brand new car.

“It would be difficult for many people to comprehend how they would get by without a car. It gets us to work and to see our friends and family,” said Julie Daniels, motor insurance expert at Compare The Market.

“However, our figures show that for many drivers, the cost of running a car is becoming impossible. 

“A concerning proportion of young people rely on the generosity of family members to stay on the road, placing a considerable financial burden on those supporting them. 

“It also means that, if costs continue to rise, some of those who can't rely on parental support may not be able to get to work.

“Compared to other age groups, young drivers tend to pay a lot more for their car insurance. However, there are a few ways that they could save money. 

“It is a good idea to shop around and compare policies to see if there is a better deal available. Switching to a telematics policy may be a good option for young drivers to consider, as well as adding an experienced named driver to their policy. 

“However, young drivers should take care to avoid fronting. This is a type of insurance fraud, where a more experienced driver claims to be the main driver of a car, when in fact they're not. 

“Finally, a quick and easy way for any driver to find a great deal ahead of their renewal can be by signing up to automated car insurance renewal quotes.”