PA
Eighteen is now the average age to own your first set of wheels, according to research from Co-op Insurance. This comes with a price tag of £4,459 with over half the bill down to insurance.
Less than a third of the cost covers the car itself with the average 18-year-old being the owner of a Vauxhall Corsa worth £1,450.
So how do the rest of the sums stack up? First there's the bill for 20 driving lessons at £480, though research from the AA claims the average number of lessons needed is more like 48 which could bring the driving lesson bill to over £1,000.
Only around 50% of drivers pass their test first time, according to the Department of Transport, so parents must factor in the cost of their kids having to sit two driving tests to the tune of £62 each. And then there's all those other essentials like forking out £111 for a provisional licence, theory test and road tax and the biggest bill; a whopping £2,294 on insurance.
Young driver insurance is incredibly expensive, which is one reason many parents have risked breaking the law by 'fronting'. This is when parents register themselves as the 'main driver' on a motor policy to lower the premium, when in fact it's one of their kids' who is actually the regular driver. It's illegal and can mean points on your licence and any insurance claim rejected.
In at attempt to address the problem of inflated motor premiums Co-op Insurance launched a new 'Young Driver' insurance package earlier this year. Coupled with smart box technology it means youngsters driving habits can be monitored and premiums discounted if they prove themselves to be safe drivers or increased by up to 20% as a penalty for poor driving.
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