Press Release
Sony Assurance To Revise Automobile Insurance Policies
January 29, 2010
Sony Assurance Inc., a wholly owned non-life insurance subsidiary of Sony Financial Holdings, announces certain revisions to its automobile insurance policies. These changes will take effect for policies commencing on or after February 1, 2010.
- Addition of a Rider for Repair Expenses That Exceed the Market Value of the Insured Property
Sony Assurance has added a rider for property damage liability payments on multivehicle collisions that exceed the market value of the insured property. This rider covers up to ¥500,000 of the difference between the repair assessment for the other party's vehicle and its market value, depending on the apportionment of responsibility.
The maximum payout amount for automobile property damage liability insurance corresponds to the market value of the insured property by the statutory liability standard. However, the addition of this rider enables the payment of expenses to repair the other party's vehicle in excess of its market value under certain conditions, - Addition of a Primary-Driver Insurance Rider
Sony Assurance has added a rider, limited to the primary driver of the covered vehicle, which enables a 6% reduction to overall insurance premium payments. - Changes in Policy Clauses and Handling Reflecting Revisions to the Insurance Law
In accordance with revisions to the Insurance Law of Japan that are scheduled to go into effect in April 2010, Sony Assurance has made a number of revisions to its policy documents. These include clauses related to policy conclusion and insurance claims payments.
Note: This is an English-language summary of a Japanese announcement made by Sony Assurance on January 29, 2010. The summary was prepared by Sony Financial Holdings Inc. solely for the convenience of non-Japanese readers.
