Parents spend an additional £525 a year once their children get behind the wheel

A study found 94 per cent of parents contributed financially to keeping their child or young adult on the road | Emma Trimble / SWNS

placeholder image — A study found 94 per cent of parents contributed financially to keeping their child or young adult on the road | Emma Trimble / SWNS

Parents fork out an additional £525 a year - once their children get behind the wheel of the family car previously only used by mum and dad.

A study of 500 parents with children who have passed their driving test in the past three years, found 94 per cent contributed financially to keeping their child or young adult on the road.

This includes paying towards car insurance (55 per cent), fuel (48 per cent) and servicing or repairs (27 per cent). Six in 10 (59 per cent) allow their child to use the family car to learn to drive as 20 per cent handed over the keys to let their kids build confidence after their test. Others do so to allow their children to visit friends or family (19 per cent) or plan social trips (16 per cent).

The research was commissioned by Compare the Market to showcase its temporary car insurance which offers cover for just an hour at a time.

Emily Barnett, an insurance expert for the comparison site, said: “Parents play a huge role in helping young people get behind the wheel, whether that's supporting learner drivers, lending the family car or making sure it's available when it's needed.

“Every family's circumstances are different, but if someone only needs to borrow a family vehicle occasionally, it's worth understanding the different insurance options available.”

Lots of young people borrow their parents cars as they are unable to afford their own | Emma Trimble / SWNS

It also emerged 40 per cent have lent their vehicle to their children or young adults because they are unable to afford their own car.

A further 37 per cent make the family car available while their child is saving for their own vehicle. A third (32 per cent) added sharing the car is simply more convenient for the family, and the same proportion claimed it provides peace of mind knowing their child has access to transport.

However, 48 per cent even admitted they have changed or even given up plans because their child needed to use their car. As seven in 10 (69 per cent) said they lent their car to their children at least once a week while more than two thirds (37 per cent) said this happened several times a week.

The study, which was conducted via OnePoll, also found awareness of temporary car insurance remains relatively low, with 39 per cent of Brits unaware it is possible to insure a car for as little as one hour.

Emily Barnett from Compare the Market added: “Temporary car insurance can be a useful option for those infrequent journeys, helping families insure occasional borrowing without needing to make permanent changes to an existing annual policy.”