Four major companies will raise car insurance rates starting next year
The big four insurance companies plan to increase car insurance rates from January next year.
``Tokio Marine & Nichido Fire Insurance’’ will increase the increase by 3.5% on average, and ``Aioi Nissay Dowa Insurance’’ will increase the increase by 4% to 5% on average.
We also plan to raise Mitsui Sumitomo Insurance.
These three companies will raise prices for the second year in a row
Sompo Japan Insurance did not raise rates this year, but says they will raise them by an average of 5% next year.
The company hadn’t raised rates in five years.
The four companies say that the reason for the price increases is that the cost of parts to repair broken cars has increased, and the cost of repairs has increased.
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