Korean Job Discussion Forums

momworld · Joined: 12 Jan 2005 Location: Yeoungjongdo

I have a friend leaving and selling me an old (1990) Hyundai. My boss's insurance agents said it would be $800 a year. Why would this be sooo high? I attempted to send him copies of my insurance in the US to get some kind of discount and he wasn't satisfied...(yup I am over 25) Will it help to go to the former owner's company and attempt to insure it/me?
thanks needing help SOON.

skindleshanks · Joined: 10 May 2004

That doesn't sound so high--I don't know about the US, but that would be cheap in Canada.
There are ways to get it a bit cheaper, but I don't think papers from overseas will help much. You can buy cheaper insurance if you're the only one driving it, etc.
We have a Matiz in my wife's name (she's Korean) and paid the lowest fee, which is about 500,000. The first year was a fair bit higher, since we didn't have a record in Korea yet. So 800,000 for an older, larger car doesn't sound too far off--but with a friend to work the system for you, you might be able to save a hundred grand or so.
I think you can shop around at different companies, too, but if it were me, I wouldn't waste an entire weekend just to save a hundred bucks.

Original · Joined: 21 Mar 2006

That is too high, if you want more details, feel free to PM me.

TML1976 · Joined: 10 Jul 2005 Location: South Korea

where do you live? that may have something to do with it. Either way it seems a little too high. I pay 350,000 per year for a 95 kia.

Gideon · Joined: 24 Feb 2004 Location: Seoul

1990?? Yes that is really too high.

I own a 2001 Hyundai Tuscani, 2dr sports. I and i just called my insurance company today to renew. Its 600,000 for 1 yr of coverage of public liability - property damage (plpd) or 900,000 for FULL coverage. I paid the 900,000 for full only because of the way koreans drive over here, no doubt someone will ding my car and drive away.. i've seen that happen a few times..

What the hell, i've got time for a quick car story.

Last year one summer night I see this young girl in her 20's getting into her car. I only noticed her because she was two cars from mine. Anyway as most of us know parking cars here is crazy. Her car was parked in front of another car, which was boxing that car in. So there was no was this car behind her could move as there is only one way to get out.. and that way was to drive straight out. This %#$#@ dumb ass gets into her car and puts it in (R)everse, hits the gas and slams into the car behind her. I look over and see this huge dent shes made in the other car. She doesnt even get out, instead she just proceeds to drive away. At this point i was shocked she would even to try get away, so i follow in pruisuit on foot. She almost gets out of the parking lot when i catch up to her.

I am knocking on her window with my fist. haha.. the look on her face.. anyway, she pulls down the window and i told her what shes just done. Few seconds later she goes back to the car and puts her business card on it.. Using hand gestures i shouted at her as to why she would do such a thing.. Theres no way she couldnt have felt her car hit the other car because she too had a dent.. perhapds she figured oh well, i have a dent on my car so its even..

About 6 months ago i got into an accident by a young uni student who was driving too fast around the corner.. so fast that i stopped first and he was still sliding toward me. He dents up my front fender. Seconds later my boss comes out and translates.. the driver told him that even tho it was his fault he shouldnt have to pay for my car because hes got a lot more damage.. Make sense?? It didnt to me.. so i just freaked on the guy and started asking for insurance in korean.. haha.. That same day my car was in the garage and ready for pickup later that evening..

crazy.. Korean driving is best described as "Organized Chaos".. they have their own system and we have ours.

momworld · Joined: 12 Jan 2005 Location: Yeoungjongdo

Thanks guys...I just went to the former owner's company and they gave me a MUCH lower quote. jan

logan2003 · Joined: 20 May 2003

800k is waaaay to much. We have two cars..1995 espero, and a 1999 Arcadia.

The espero was 600k when we first bought it, then it went down to 400k the next year.

The Arcadia (Acura Legend) is another story. I paid about 1.9mill for the first year, the second was 1.4mil (makes sense because it is a luxury car, and all of the spare parts are more expensive from Japan... but still cheaper than in America).

800k for a car that old is crazy!

kalbi · Joined: 27 May 2003

MOMWORLD: How much did you end up paying????

Also.. I have been told that it is not so much the age of the car as the size of the engine which determines the insurance fee.

momworld · Joined: 12 Jan 2005 Location: Yeoungjongdo

Ok guys, I ended up paying about $350 but that was with a 20% discount for a no claim paper from my former ins. company....
Here is her contact info:

E.H. JUN
GINA INSURANCE AGENCY LTD.
(TEL.02.794.7414 FAX.02.798.4461)
2ND. FL. DAEJIN BLDG.
#36-39 ITAEWON-DONG,YONGSAN-GU,SEOUL,KOREA 140-200
She can communicate very well in English and she will get right back to ya...Im satisfied.

Riposte · Joined: 07 Feb 2006

Also good:

http://kdcars.co.kr/bbs/zboard.php?id=notice&page=1&sn1=&divpage=1&sn=off&ss=on&sc=on&select_arrange=headnum&desc=asc&no=3&PHPSESSID=177a08100de020d11fafe7f52a37dbf8