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Older drivers facing higher insurance

Date Posted: 2011-06-09

Another Japanese insurance company is boosting its rates, with elderly drivers figuring to face the most significant hikes.

Mitsui Sumitomo Insurance Co., is raising premiums an average 1.9%, mostly aimed at senior drivers. It says the change is necessary because elderly drivers are involved in more traffic accidents. Sompo Japan Insurance Inc., hiked its rates a month earlier.

Mitsui official say theyre reviewing age brackets for drivers 35 and older, and will establish new decade-based brackets for drivers 30~70, with premium hikes mainly for drivers age 50 or older. Premiums are expected to rise 2.5% for drivers in the 50s and 6.5% for those age 70 and older. Insurance officials say drivers in their 30s and 40s will see their premiums drop about 2%.

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