Escorted trips generally range from $250 per person per day on the very low side, to $400 per person per day on the high end. At $388 per person per day you are on the high side, but not out of the range. I'd make sure that for that price your parents are going pretty high end, getting cut-the-line passes into the Vatican Museums, the Uffizi, etc.

Keep in mind that some of these escorted tours consist of groups of 30-60 people in a tour group. It's not like you have a private escort. If you're OK with that, have you considered looking at Rick Steve's tours? I haven't been on one, but I know a guide. Everything is included, you get local guides, they have a solid reputation, and run $2350 a person for a ten day all included tour through Venice, Florence, Rome. His website lists a 9 day $2150 tour including Rome, Tuscany, Cinque Terra, Florence, and a few other cities. The savings right there could pay for your parents airfare.