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Do You Pay For Auto Insurance Back Home While In Korea?
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Gosp



Joined: 13 May 2004
Location: 85% There.

PostPosted: Sat Jul 10, 2004 6:42 pm    Post subject: Do You Pay For Auto Insurance Back Home While In Korea? Reply with quote

Just curious to know if anyone has kept their auto insurance going back home while living overseas. Of course I'm looking at this situation from a completely American point of view. Texas has some of the highest auto insurance rates in the country and my "best friend" [let's call her Judy] at the insurance co. tells me that my rates will skyrocket if I cancel for a year or two and then come back. Hmm. Sounds like a line to me. Let me know what's up.

[p.s. I'm twenty-six, male, with ten years of ticket-free driving under my belt. No accidents, no dui's . . . nothing.]
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Japchae



Joined: 03 Oct 2003
Location: South Korea

PostPosted: Sat Jul 10, 2004 7:02 pm    Post subject: Reply with quote

It's true. If you do not maintain your policy and let it expire you will pay a higher premium when you return home. Insurance companies reward consecutive years of good driving and do not like gaps in your driving history.
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matthews_world



Joined: 15 Feb 2003

PostPosted: Sat Jul 10, 2004 7:08 pm    Post subject: Reply with quote

Hmm...just tell 'em you didn't have a car as an expat. Rolling Eyes



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Zyzyfer



Joined: 29 Jan 2003
Location: who, what, where, when, why, how?

PostPosted: Sat Jul 10, 2004 7:34 pm    Post subject: Reply with quote

Unless my rate was currently low, I wouldn't do it. It just seems like more money to keep paying all year round than to suck up an increased monthly rate for a bit. If you're only here for a year, though, you might still consider it, I guess. I always have to get insurance when I go back home for vacation, and I always just get a very basic 3-month plan...it isn't exactly cheap, but it saves me from paying insurance for 9 months just to get a lower rate.

I'm still under 25, though.
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kprrok



Joined: 06 Apr 2004
Location: KC

PostPosted: Sat Jul 10, 2004 8:41 pm    Post subject: Reply with quote

I was told that if I could bring back proof of insurance from Korea when I returned to the US, they would not raise my rates or give me any crap for the gap in coverage.

KPRROK
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chiaa



Joined: 23 Aug 2003

PostPosted: Sat Jul 10, 2004 9:01 pm    Post subject: Reply with quote

kprrok wrote:
I was told that if I could bring back proof of insurance from Korea when I returned to the US, they would not raise my rates or give me any crap for the gap in coverage.

KPRROK


I second this. When I had a car in Korea, they took proof of my USA insurance and I had lower rates in Korea because of it. Should be the same reverse.

Call up another insurance company looking to get rates and tell them you have had Korean insurance for the past three years and see if you get lower rates.

http://www.whatthebook.com
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thegadfly



Joined: 01 Feb 2003

PostPosted: Sun Jul 11, 2004 4:48 am    Post subject: Reply with quote

When I left for Korea, I stored my car at my folks' place and changed my insurance policy to reflect a "stored" vehicle. I pay about $100 a year for stored car insurance, and it counts as continuous coverage, so when I return and "reactivate" my insurance in order to drive my car, there is no lapse in coverage, hence no skyrocketing rates. Of course, I am from Michigan, so Texas policies may differ...but I actually kept my car just to store it, as I figure it will save me about $1000 my first year, compared to a "lapse" in coverage.....
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Gosp



Joined: 13 May 2004
Location: 85% There.

PostPosted: Sun Jul 11, 2004 8:34 am    Post subject: Reply with quote

thegadfly wrote:
When I left for Korea, I stored my car at my folks' place and changed my insurance policy to reflect a "stored" vehicle. I pay about $100 a year for stored car insurance, and it counts as continuous coverage, so when I return and "reactivate" my insurance in order to drive my car, there is no lapse in coverage, hence no skyrocketing rates. Of course, I am from Michigan, so Texas policies may differ...but I actually kept my car just to store it, as I figure it will save me about $1000 my first year, compared to a "lapse" in coverage.....


This sounds like the best idea yet. I'll definitely look into the availability of stored vehicle insurance. My "best friend" [let's call her Sally] at the insurance company wouldn't mention something like stored vehicle coverage to me without a grimace and a curse. So thank you. Thank you all for contributing to this thread. And keep the ideas rolling in . . . Wink
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ryleeys



Joined: 22 Dec 2003
Location: Columbia, MD

PostPosted: Sun Jul 11, 2004 8:40 am    Post subject: Reply with quote

I am on inactive driver insurance or some such like that...

Basically, I think car insurance is the one place in America where age and sexual discrimination are still legal. I've always been very pissed that as a male, I already had to pay higher rates than my sister with comparable experience and clean records. And this is maintained throughout a driving career. And I think it's BS that I have a clean record, but will still pay more insurance than a 45 year old that's had a car accident in the last 5 years because I'm 22 and therefore a "higher risk".

Either way, don't cancel your insurance in America. Do whatever is the cheapest option they have, but remember that car insurance companies are ruthless. They have no problem gauging you on premiums because of your age, sex, or any other reason they feel like it... but as soon as you're in an accident, they'll do anything they can to get out of paying money and then they'll triple your premiums just cause they can.

I think if the government is going to mandate that you have to have car insurance, they also need to mandate maximums on the premiums.
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Gollum



Joined: 04 Sep 2003
Location: Japan

PostPosted: Sun Jul 11, 2004 4:28 pm    Post subject: Reply with quote

I plan on buying an older used car not worth much and getting only insurance that covers the other guy.... and the bare minimum at that. They can stick that in their tootie and smoke it.
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lush72



Joined: 18 Aug 2003
Location: I am Penalty Kick!

PostPosted: Sun Jul 11, 2004 6:38 pm    Post subject: Reply with quote

matthews_world wrote:
Hmm...just tell 'em you didn't have a car as an expat. Rolling Eyes



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And thus did not drive, and as such, are now a higher risk. Rolling Eyes
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matthews_world



Joined: 15 Feb 2003

PostPosted: Sun Jul 11, 2004 6:45 pm    Post subject: Reply with quote

lush72 wrote:
matthews_world wrote:
Hmm...just tell 'em you didn't have a car as an expat. Rolling Eyes



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And thus did not drive, and as such, are now a higher risk. Rolling Eyes



Interesting rationale there. No wonder this board is so helpful at times.

I would think that drivers could have some kind of grace period or sign some form to verify their living abroad.



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Dawn



Joined: 06 Mar 2004

PostPosted: Sun Jul 11, 2004 8:51 pm    Post subject: Reply with quote

I've kept my vehicle insured, but usually go home for at least a couple of weeks out of the year. Figure a year's worth of insurance on my '97 Camry cost me about the same as renting a car for two weeks, and I get to drive a car that still looks good, runs like a charm, and doesn't reak of stale cigarette smoke.
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OiGirl



Joined: 23 Jan 2003
Location: Hoke-y-gun

PostPosted: Sun Jul 11, 2004 10:18 pm    Post subject: Reply with quote

My car was being financed, and so I HAD to keep insurance on it. Dropped it down to the minimum, but wasn't given a "storage" option.
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Bowden_PSM



Joined: 22 Jun 2004
Location: United Arab Emirates

PostPosted: Tue Jul 13, 2004 8:00 am    Post subject: Reply with quote

In Canada they are indeed ruthless if you break your policy for any reason. I have been insured as a temp driver on my parents cars even though I have been away at uni and Korea for the last five years and haven't really been able to drive.

So I stay insured as a temporary driver. When I am 25 or 27 or whatever it is when I finally cave in and get some wheels, I am told by a friend in the industry that my continuous coverage (around 10 years give or take) and lack of tickets or other offences will render me with very good premiums.

My verdict: Pay a little now, save a lot later. And unless you get hit by a bus tomorrow, later will happen.
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