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tefain
Joined: 19 Sep 2007
Location: Not too far out there
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 Posted: Tue Aug 12, 2008 8:26 am Post subject: Bicycle riders expected to get insurance |
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OK here's one that will hit home with many of you. (The link is a bit easier to read, but since I never know when they get removed it's here too) Personally I don't see this flying, but we are talking about the insurance industry. Thoughts or opinions?
http://www.koreatimes.co.kr/www/news/biz/2008/08/123_29209.html
Bicycle riders are expected to get insurance coverage from later this year.
[The Financial Supervisory Service has commissioned the Korea Insurance Development Institute to assess the risk ratio for insurance products covering bicycle accidents by November.
The plan followed an explosion of bicycle commuters cycling to office in the wake of a global oil price hike and growing health consciousness.
The country, however, hasn't backed up cyclists with enough infrastructure. There were 1,374 bicycle accidents last year, of which 69 were fatal, but cyclists have been marginalized from insurance coverage.
Bicycles are categorized as cars according to traffic law, and are subject to the same regulations as cars in case of accidents. If a cyclist collides with a pedestrian on a sidewalk or bicycle path, for example, the cyclist is liable. Cyclists might face criminal charges as they are not insured. Consequently, an increasing number of cyclists have been calling for insurance products.
Since there was no established risk ratio for bicycle accidents, it was difficult for insurers to develop products covering bicycle riders. Non-life insurers can develop insurance products for cyclists once the risk ratio is established, including premium and insurance money.
But there is also skepticism whether bicycle insurance would work. Insurers may be reluctant to sell the policies due to a relatively high loss ratio. Samsung Fire and Marine Insurance, for example, launched a product for bicycle riders in 1997, but suspended it after a few years due to growing insurance money payouts.
Though bicycles are more vulnerable to accidents, ascertaining who is responsible for an accident isn't always clear. Since bicycles are not registered, the potential for fraudulent claims is high.] |
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kiwiduncan
Joined: 18 Jun 2007
Location: New Zealand
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| Posted: Tue Aug 12, 2008 3:23 pm Post subject: Re: Bicycle riders expected to get insurance |
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| tefain wrote: |
| If a cyclist collides with a pedestrian on a sidewalk or bicycle path, for example, the cyclist is liable. |
That's another reason I often prefer to ride on the roads here. Cars are more predictable than pedestrians.
Thanks for the link. I can understand why they might want cyclists to get insurance, but it would still piss me off if they tried to force it on people. It's the kind of move that may make many riders choose not to bother with cycling, which would not serve Korea in the long term.
Here's some more information about it. I wonder how easy it will be for foreign cyclists to get the insurance coverage.
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The Financial Supervisory Service said yesterday it will set a new standard for insurers to develop bicycle insurance products. The number of bicycle accidents is surging as more commuters switch to bicycles from cars amid oil price hikes.
The regulator requested the Korea Insurance Development Institute come up with a bicycle accident mortality rate. The rate would be applicable to insurers as they develop the new insurance product, FSS officials said.
To date, there has been almost no data collected for bicycle mortality rates. But the number of bicycle accidents recently has soared, said Chae Hee-sung, an official of the non-life insurance team at the FSS.
According to data by the National Police Agency, there were 1,374 bicycle accidents last year and 69 fatalities. Under the current law, a cyclist is subject to the Road Traffic Act and criminal prosecution -- no different than an automobile operator.
Samsung Fire & Marine Insurance Co. had developed a bicycle insurance policy in 1997 in which a bike rider could receive up to 100 million won ($96,683) coverage. However, the insurer stopped selling the product in four years due to the large insurance payout, industry sources said.
There are several casualty insurance products which can cover bicycle accidents in the local insurance market.
LIG Insurance Co. offers casualty insurance through medical insurance company Med-In to those who frequently enjoy outdoor sports, with an annual rate of 165,000 won. The product covers up to 100 million won for a bicycle accident. However, such casualty insurance products are not designed for bicycle accidents only, thus requiring high rates.
FSSs Chae said bicycle insurance products, when developed, would be much cheaper than existing casualty insurance.
Some members of the online community Bicycle Commuters, which has more than 200,000 registered members on internet portal Naver, welcomed the FSSs move, saying the authorities have begun recognizing the importance of bike commuting in the age of high oil prices.
By Kim Yoon-mi |
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GoldMember
Joined: 24 Oct 2006
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| Posted: Tue Aug 12, 2008 6:13 pm Post subject: |
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Me: When I was in Japan I saw lots of people riding bicycles, so there were less cars and less air pollution.
Korean Person: We can't have lots of bicycles in Korea.
Me: Why?
Korean Person: Too many cars!
Can't argue with that logic! |
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semi-fly
Joined: 07 Apr 2008
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| Posted: Tue Aug 12, 2008 6:35 pm Post subject: |
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| I'm still trying to wrap my head around the idea that "bicycles are categorized as cars according to traffic law." How? Because it's a form of transportation? Next they'll say that feet are categorized as cars too (using the above as logic to link bicycles with cars). |
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kiknkorea
Joined: 16 May 2008
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| Posted: Tue Aug 12, 2008 7:45 pm Post subject: |
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| semi-fly wrote: |
| I'm still trying to wrap my head around the idea that "bicycles are categorized as cars according to traffic law." How? Because it's a form of transportation? Next they'll say that feet are categorized as cars too (using the above as logic to link bicycles with cars). |
I think it has to do with right of way and road access. In the states, a bicycle has the same rights and responsibilities as a car. This means they're allowed to use the road, but have to obey the same traffic laws as other vehicles. I'm not sure I like the idea of a cyclist automatically being at fault if he collides with a pedestrian. Imagine if the mandatory insurance kicks in- you could have pedestrians literally running into bicyclists expecting some money.  Not a nice concept for the cyclists! |
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moosehead
Joined: 05 May 2007
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| Posted: Wed Aug 13, 2008 4:04 am Post subject: |
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I was actually looking at a new Lespo today - almost bought it - if I did, it would be my fourth bike here in K - a place I actually love to bike, especially along the great paths by the Han -
I'm not buyin' no F*ckin' insurance tho - no way Jose - they can F*cking deport my arse first - I've not had an accident, never witnessed one either - the motorscooters are far too dangerous - and I HAVE witnessed accidents with those - several, in fact.
F*ck'm and whoever thinks bikers should have insur. just F*ck'm !!!  |
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moosehead
Joined: 05 May 2007
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| Posted: Wed Aug 13, 2008 4:05 am Post subject: |
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I was actually looking at a new Lespo today - almost bought it - if I did, it would be my fourth bike here in K - a place I actually love to bike, especially along the great paths by the Han -
I buying no F*ckin' insurance tho - no way Jose - they can F*cking deport my arse first - I've not had an accident, never witnessed one either - the motorscooters are far too dangerous - and I HAVE witnessed accidents with those - several, in fact.
F*ck'm and whoever thinks bikers should have insur. just F*ck'm !!! |
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tefain
Joined: 19 Sep 2007
Location: Not too far out there
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| Posted: Wed Aug 13, 2008 4:39 am Post subject: |
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Good info kiwiduncan. I agree that cars are more predicable than pedestrians, as scary as it sounds! I think foreigners would be able to get it fairly easily, like other types of insurance.
Not a nice thought at all kikn. I still fail to see how a cyclist would automatically be responsible for running into a person on a bike path.  I just imagine riding along and BANG! out of nowhere someone knocks me down. I'd think I was being attacked only to find out someone's using the occasion for a payout. REALLY hoping that day doesn't come. Moosehead, where do you keep all your bikes? Did you just get in from a difficult ride?  I agree with your statements. I did solicit opinions and got yours loud and clear! |
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moosehead
Joined: 05 May 2007
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| Posted: Wed Aug 13, 2008 5:07 am Post subject: |
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alas, woe is me, I am presently bikeless - having sold my last bike because it wasn't suitable for the slopes here in HBC - so am looking for something a little more worthy - perhaps the fact I cannot ride at the moment set me off.
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tefain
Joined: 19 Sep 2007
Location: Not too far out there
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| Posted: Wed Aug 13, 2008 5:32 am Post subject: |
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| Tragic. Well Lespos are a good value for the money, so maybe you can get a worthy one in time for the weekend. I know the Koreans love Elfama and Trek. Good luck and remember - Better times are ahead! |
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moosehead
Joined: 05 May 2007
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| Posted: Wed Aug 13, 2008 5:43 am Post subject: |
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| thanks for the cheering up - it was 290,000 and felt pretty light - 21 gears - but in a dept store maybe 3 flights up and the clerk wasn't anxious to let me test ride it - !! |
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kiknkorea
Joined: 16 May 2008
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| Posted: Fri Aug 15, 2008 1:10 am Post subject: |
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| tefain wrote: |
| I still fail to see how a cyclist would automatically be responsible for running into a person on a bike path. I just imagine riding along and BANG! out of nowhere someone knocks me down. I'd think I was being attacked only to find out someone's using the occasion for a payout. |
That's another reason it pays to get a good bicycle that can take a hit. If I get knocked down in this situation, I'd be seeing how fast I could get back on and away!  |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Fri Aug 15, 2008 2:38 am Post subject: Re: Bicycle riders expected to get insurance |
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| tefain wrote: |
| Bicycles are categorized as cars according to traffic law, and are subject to the same regulations as cars in case of accidents. |
If that's a blanket statement, there is so much wrong with that. If the law were heavily enforced, I could see us having to register a bicycle with the local gu office, get bike license plates, have to buy insurance, wear bright orange jackets and pants so the world can see us, mandatory bike riding courses and biker's licenses, crap like that. It defeats the utilitarian purpose of a bike: to go short/medium distances quickly and easily. Hop on, ride, lock up, do whatever. |
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kiknkorea
Joined: 16 May 2008
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| Posted: Fri Aug 15, 2008 8:18 am Post subject: Re: Bicycle riders expected to get insurance |
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| Zyzyfer wrote: |
| If the law were heavily enforced, I could see us having to register a bicycle with the local gu office, get bike license plates, have to buy insurance, wear bright orange jackets and pants so the world can see us, mandatory bike riding courses and biker's licenses, crap like that. |
I got a chill about halfway through reading that  |
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