|
|
Understanding Korea auto insurance law
Auto insurance in Korea is mandatory so people have to buy and keep
compulsory auto insurance policy.
Under Korean law, auto liability insurance is compulsory for vehicles with
an engine size of 50cc and above for use on the road.
If you drive your car without compulsory insurance, the owner will be fined
for default the highest 5,000,000 KRW or under one year imprisonment
according to Article No. 46-2.
Compulsory insurance is very minimum
coverage to protect other people and their property from the accident.
It covers up to 100 Million KRW for death, 20Million for injury and 100Million for disability.
Also It covers up to 10Million KRW for property damage liability.
People who need higher coverage, they can choose higher coverage option and we call it
Voluntary insurance.
Because of Compulsory auto liability insurance law, most company do not have monthly payment option.
|
Coverage Options 
