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rebmetpes
Joined: 30 Oct 2006
Location: Geoje-Si
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 Posted: Tue Sep 04, 2007 11:19 pm Post subject: buying a car |
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| How much would insurance, registration, transfer etc. cost when buying a car in Korea? |
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genezorm
Joined: 01 Jul 2007
Location: Mokpo
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| Posted: Wed Sep 05, 2007 6:39 pm Post subject: Re: buying a car |
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| rebmetpes wrote: |
| How much would insurance, registration, transfer etc. cost when buying a car in Korea? |
my insurance was just over 1 million for a year
registration i think was 100,000 or something, but not sure.... |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Sep 05, 2007 6:50 pm Post subject: Re: buying a car |
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| rebmetpes wrote: |
| How much would insurance, registration, transfer etc. cost when buying a car in Korea? |
I paid about 150 for the paperwork to register and get my new plates.
I pay about 350k per year for insurance (including roadside auto assistance similar to AAA-CAA).
Costs will vary greatly depending on:
Where you live, (I'm not in Seoul)
What you drive, (older mini-van)
how old you are (ancient)
how long you have been driving (10+ years = big discount)
how long you have been without an accident (6 years in Korea and many years abroad - verifiable). |
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rebmetpes
Joined: 30 Oct 2006
Location: Geoje-Si
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| Posted: Thu Sep 06, 2007 1:18 am Post subject: |
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| I plan on spending about 1.5M won for a car. If insurance cost 1M won, it would be almost as same price as the car. ????? |
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butlerian
Joined: 04 Sep 2006
Location: Korea
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| Posted: Thu Sep 06, 2007 2:21 am Post subject: |
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| rebmetpes wrote: |
| I plan on spending about 1.5M won for a car. If insurance cost 1M won, it would be almost as same price as the car. ????? |
Yep, that can happen because if you damage an expensive car, your insurance still has to pay. My insurance costs more than my car. |
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pest2
Joined: 01 Jun 2005
Location: Vancouver, Canada
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| Posted: Thu Sep 06, 2007 2:57 am Post subject: |
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| rebmetpes wrote: |
| I plan on spending about 1.5M won for a car. If insurance cost 1M won, it would be almost as same price as the car. ????? |
I paid about that for my car 2 years ago, and my insurance payments are 550,000 won annually (AIG). I believe it depends on your home country... And I just got liability insurance. No comprehensive, no collision.
Transfer fee was 100,000. Tax was 100,000. It was a real hassle and the vehicle reg office people are kinda rude.. but I noticed they were rude to everyone. Have fun w/that! |
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rebmetpes
Joined: 30 Oct 2006
Location: Geoje-Si
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| Posted: Thu Sep 06, 2007 9:33 pm Post subject: |
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| Thanks for all your reply |
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logan2003
Joined: 20 May 2003
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| Posted: Fri Sep 07, 2007 6:50 am Post subject: |
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I have bought 3 cars while I have been here....the first one cost us about 1.3mil for the car, and 600k for insurance.
The second car was about 10million won and the insurance was almost 2mill.
THEN when I was in an accident (100% the other guys fault), I bought the same model car later year, and I was offered a choice. There was a 1million won insurance premium, and a 600k one. Basically the more expensive one would help out alot more in a big accident. I wonder if the insurance company is only telling you about the more expensive insurance coverage. |
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