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Swampfox10mm
Joined: 24 Mar 2011
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 Posted: Thu Dec 29, 2011 6:26 pm Post subject: Change in car insurance policies across the country |
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I just went to renew my car insurance with Educar. They informed me that from now on, there are new rules about deductibles in Korea... meaning there are none! Instead, you will now pay a flat 20% of your costs to fix your car before they pay you a penny. They still pay the costs to the other vehicle, however. You don't pay that side of it, at least.
This is industry-wide. I'm guessing that this is to cut down on fraud, people getting into accidents for profit, etc.
So if you drive something expensive like a Mercedes, you'd better be ready to pay out the wazoo if you get in a wreck! |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Thu Dec 29, 2011 6:51 pm Post subject: Re: Change in car insurance policies across the country |
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| Swampfox10mm wrote: |
I just went to renew my car insurance with Educar. They informed me that from now on, there are new rules about deductibles in Korea... meaning there are none! Instead, you will now pay a flat 20% of your costs to fix your car before they pay you a penny. They still pay the costs to the other vehicle, however. You don't pay that side of it, at least.
This is industry-wide. I'm guessing that this is to cut down on fraud, people getting into accidents for profit, etc.
So if you drive something expensive like a Mercedes, you'd better be ready to pay out the wazoo if you get in a wreck! |
Interesting I got a new policy on December 9th and my excess(deductable) is 20% but capped at a maximum of w500,000. I don't drive a premium car though. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Thu Dec 29, 2011 8:24 pm Post subject: |
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Buying a non-Korean luxury car in Korea ain't wise due to the high cost of parts and repair. Luxury models like BMW and Benz sell in Korea, but their resale value has fallen because Koreans now know that parts and repairs are so expensive.
Thank goodness I have no car in Korea. |
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Swampfox10mm
Joined: 24 Mar 2011
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| Posted: Thu Dec 29, 2011 8:56 pm Post subject: |
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| bigfella, what company are u with? Maybe mine is the same but they did not mention the cap? |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Fri Dec 30, 2011 1:00 am Post subject: |
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Sorry I meant to say in my post it's E~you direct (Heungkuk).
You can call them on 1688~1688 or www.eyou.co.kr
As you're driving a prestige car you would want more blood money cover than I have. One of my wife's friends husbands settled and 3 months later the deceaseds family was chasing him again threatening him with prison. |
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12ax7
Joined: 07 Nov 2009
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| Posted: Fri Dec 30, 2011 2:57 am Post subject: |
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With car insurance being so cheap here (and the odds being that you will be involved in an accident...or two), why bother buying insurance that has a deductible?
PS. Been driving in Korea for nearly 15 years. I currently own two vehicles (recent model car and SUV). Fully insured, no deductible, about 1.1 million won total per year. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Fri Dec 30, 2011 1:14 pm Post subject: |
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| 12ax7 wrote: |
With car insurance being so cheap here (and the odds being that you will be involved in an accident...or two), why bother buying insurance that has a deductible?
PS. Been driving in Korea for nearly 15 years. I currently own two vehicles (recent model car and SUV). Fully insured, no deductible, about 1.1 million won total per year. |
Neither of us were given that choice. Who is your insurer? |
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12ax7
Joined: 07 Nov 2009
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| Posted: Fri Dec 30, 2011 4:27 pm Post subject: |
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| big_fella1 wrote: |
| 12ax7 wrote: |
With car insurance being so cheap here (and the odds being that you will be involved in an accident...or two), why bother buying insurance that has a deductible?
PS. Been driving in Korea for nearly 15 years. I currently own two vehicles (recent model car and SUV). Fully insured, no deductible, about 1.1 million won total per year. |
Neither of us were given that choice. Who is your insurer? |
I deal directly with Samsung. It's cheaper than going through a broker who takes a cut. I've also started renewing my insurance online at their website in order to save an extra 15%. You need a Samsung credit card in order to do that. It's not that hard to get. I brought my employment certificate to E-mart (there's always someone taking applications for Samsung cards there) and filled out the form. |
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