Bank of Mum and Dad has opened a new branch – on the driveway

Parents are spending more than £500 a year helping their kids use the family car

New research from Compare the Market reveals parents are spending an average of £525 a year in extra costs associated with their children using the family car.

A third of parents with children aged 17 or over say they currently lend, or have previously lent, their car to their child.

And for many families, it’s far from an occasional favour.

Seven in ten (69 per cent) parents who share their car say their child borrows it at least once a week, while 37 per cent hand over the keys several times a week or more.

It’s even playing havoc with parents’ own social lives, with almost half (48 per cent) admitting they’ve changed or cancelled their own plans because their child needed the car.

Learning to drive is the biggest reason children borrow the family motor, cited by 59 per cent of parents, followed by building confidence after passing their test (20 per cent) and visiting friends and family (19 per cent).

But the support doesn’t stop at handing over the keys.

More than nine in ten (94 per cent) parents who have shared their car have also helped cover at least one motoring cost. More than half (55 per cent) have contributed towards insurance, 48% have paid for fuel and 27 per cent have helped with servicing or repairs.

For two in five parents, there’s a simple reason for the arrangement: their child can’t afford a car of their own.

The research also found 39 per cent of parents didn’t know it was possible to insure a car for as little as one hour.

Emily Barnett, Insurance Expert at Compare the Market, 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 only 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. Temporary car insurance can be a useful option for those infrequent journeys, helping families insure occasional borrowing as and when it is needed.”