Korean Job Discussion Forums

[earthbound14]

My insurance has done nothing but increase every year since I bought my bike.
From 110 to 130 the second year

Then for the third year I was told it would be 220...to which I said bull and she said...Oh right it's only 160.

Now this year I was told that it will be 3 times my old rate because they are finally giving out insurance based on the size of the bike. She said before they did not know how many cc's my bike was...which is not true it's written on my insurance. We call another insurance agent, she says 220 this year because motorcycle accidents have been increasing. I tell her to point me in the direction of those statistics. With prices the way they are fewer big bikes are being sold and Korean drivers are doing nothing but get better at driving....so I think there are no set prices for insurance and no standard rates. They just try to fleece you by jacking up the rates.

Not that I think 220,000 is horrible, I would be paying a lot more back home. I just don't think I want to be fleeced for no reason.

So far I have never had an accident, never made a claim and never had a ticket of any kind (although that isn't saying much...you'd pretty much have to kill someone before the cops gave you a ticket).

I have a Honda CB400.

Anyone else hearing this crap this year?

[pjmancktelow]

i just paid 350 for a 650 comet. my gf rang around haggling the price down to that for me. not sure if thats a good deal but it was cheaper than i thought it'd be.

[antoniothegreat]

mine went up as well, i think it doubled. they said something like what you said, where the size of the bike now makes a difference. they might have had it written on the paper, but the size didnt affect the price.

but remember, in korea, economics works backwards. if less people are riding bikes, they will charge more per person to maximize profit with the few remaining customers they have. life and health insurance rates are going up as well for that reason.

[coralreefer_1]

Mine went up as well,
Mine is small Daelim 125 -

First year was 160, next year 185, and this March I paid 216.

[Gaber]

How do you get insurance? Can you get it online or do you need to talk to someone over the phone?

[justaguy]

Gentlemen you have to help pay for the poor stock investments the insurance companies made with their money.

[Bibbitybop]

2 years ago: 144,000
1 year ago: 240,000

[madoka]

Although I don't have a motorcycle, I am really jealous of the insurance rates you guys get. It is shockingly cheap, even with them doubling it. In CA, I pay over $3000 a year with no accidents or tickets in 20 years of driving. You'd think with the dangers of Korean traffic/Korean drivers, the rate would be a lot worse.

[bassexpander]

Well, the Korean insurance does not cover theft.

Keep that in mind if you consider it a good deal.