New drivers are facing an 80 per cent rise in car insurance, a new study has found.
A recent study by compare the market .com has revealed that the average cost of car insurance for drivers under the age of 25 is £1,205, £565 more than the average insurance premium.
This massive spike has led to one in six UK parents admitting that they will contribute towards this until their child can afford it themselves.
READ MORE - Marks and Spencer's collection that 'you don't have to buy' to save shoppers hundreds
This comes at a time when it feels like most things are going up in price and running a car is becoming more expensive as fuel costs rise.
Experts are warning that the UK is facing a cost of living crisis and car insurance for those under 25 years of age is the most pricey.
The comparison site has also revealed just how much parents are financially contributing towards their child’s driving lessons, first car and car maintenance.
With the additional costs to car insurance premiums one in two (54 per cent) UK parents will financially contribute to insurance for a year, whilst 18 per cent of parents say they contribute towards MOTs, fuel and tax until their child can afford it themselves.
In the survey, they found six key ways parents are helping fund their child' first car.
Top 6 ways parents are contributing to their child’s first car
Personal savings - 67 per cent
Household budget -18 per cent
Borrow money - 10 per cent
Loans - 5 per cent
Credit cards - 3 per cent
Borrowing money from friends and family - 3 per cent
