Japan Auto Liability Insurance Premiums Likely to Be Reduced
Tokyo, Dec. 11 (Jiji Press)--Premiums for compulsory automobile liability insurance in Japan are likely to be reduced by nearly 10 pct, beginning in April next year, according to informed sources.
The reduction is likely to come as people’s efforts to stay home amid the coronavirus pandemic helped push down the number of traffic accidents and the amount of insurance payments, the sources said Thursday.
If the premiums are actually cut, it will mark the second straight year of reduction.
Currently, the two-year insurance premium is set at 21,550 yen for private passenger cars in all areas in the country excluding the southernmost prefecture of Okinawa and other remote island regions.
This premium is expected to be reduced by around 2,000 yen, as accidents have been decreasing amid the virus crisis and also thanks to the wider use of vehicle safety equipment, the sources said.
[Copyright The Jiji Press, Ltd.]