The annual average cost of a parking permit in Edinburgh amounted to £202.91, ranking it third place in the UK’s most expensive parking permit destinations, according to the study.
Glasgow was also ranked high, coming in fourth place with the average cost of a permit at £169.00.
However, Manchester- ranked first place on the list – was significantly higher with parking permits costing £538.00 on average.
Overall, the average cost of a permit in all cities analysed is £103.08.
At the opposite end of the list, Cardiff charges an average £7.50 per year for permits making it the place with the average cheapest residential parking permits in the UK.
However, in Leeds, Liverpool and Nottingham there are no charges at all.
In the list of most expensive residential parking permits, London topped all with the average price for a parking permit in the City of London set at £1,420.
Yet, Edinburgh also ranked high in the list of residential parking permits.
In Edinburgh, central zones one to four ranked third across the UK in its charges for residential parking, excluding London, with parking permits generally costing £524.00.
Glasgow residential parking also made a claim to the pricey residential permit list, ranking sixth with permits costing on average £285.
The most expensive residential parking permit outside of London can be found in Manchester’s Zone 3 district, at an eye-watering £750 per year.
Dan Hutson, head of motor insurance at comparethemarket.com said: “Paying up to £750 for a residential parking permit is a lot of money.
"While those who live in busy cities and towns might not have a choice but to buy a parking permit, it is worth remembering that it’s common for car insurers to ask where your vehicle is parked because it can increase the risk of theft or damage.
"Parking on the street outside your home can, in some cases, increase your insurance premium if providers consider the area exposed to higher risk.”