Auto insurance premiums increased for the first time in five years Impact of consumption tax rate increase August 6th 4:49
Auto insurance premiums are expected to increase approximately 3% from next year. The price increase will be about 5 years since the consumption tax rate was raised.
According to officials, major companies such as Tokio Marine & Nichido, Mitsui Sumitomo Insurance, and Aioi Nissay Dowa Insurance have decided to raise their automobile insurance premiums by about 3% starting next January.
In addition, Sompo Japan Nipponkoa has already decided to raise the insurance premium of car insurance by about 3% from next January and notified the agency.
This is because car repair costs are expected to increase with the increase in the consumption tax rate in October, and the “statutory interest rate” on which insurance claims are calculated is revised. It is because payment increases.
It is the first time in five years that major companies have raised their car insurance prices, and the premium paid by policyholders is expected to increase by an average of about 2000 yen per person per year.