The insurance premium for automobile liability insurance, which is compulsory for those who own cars and motorcycles, will be reduced by an average of 11% from the April contract.
For compulsory automobile liability insurance, the council established by the Financial Services Agency examines whether insurance premiums are reasonable every year.
An online meeting was held on the 20th, and it was decided that the insurance premium will be reduced by 11.4% on average for all vehicle types and regions from the April contract.
The new insurance premium will be 17,650 yen for privately-owned passenger cars under a two-year contract in areas other than Okinawa Prefecture and remote islands, a reduction of 2,360 yen from the current rate, or 11.8%, and 17,540 yen for light vehicles. 2190 yen, or 11.1% lower than the current rate.
This is the first reduction in insurance premiums in two years, and the main reasons for the reduction are the decrease in traffic accidents and the spread of safety technology such as automatic braking.