So here are brief explanation of auto insurance benefits.
1. Bodily Injury Liability (compulsory)
When it comes to having accident with other driver, this coverage option will compensate the medical fees,
lost wages and all other costs associated.
I usually recommend most my clients to choose this options to be Unlimited. Because there are only 10~20
dollars difference between limited coverage options and unlimited coverage. So even if you crash your car
with the bus which has full passengers inside, there won't be any personal expenses you need to pay if you
go with Unlimited option
2. Property Damage Liability :
Includes damage caused to someone else’s property. Well in more practical way to say, it usually covers the
whole damages caused from the accident. Usually cars, motorcycles and property. This is the most common
liability occurred in the accident. Well, this amount has to be also as high as possible for you to keep your
personal money flown out from your pocket. The price difference between $20,000(Lowest compulsory) and
$50,000 is only $7. So i generally suggest client to take $50,000 for property damage liability. If you want to
obtain fulll of $100,000 which is the highest coverage option, price difference is again $7~10 but the no claim
proof document is required from previous insurance company.
3. Comprehensive / Collision or Upset
Covers non accident-related loss or damages due to fire, wind, flood, vandalism and theft and Covers
damages to your vehicle due to a collision with another vehicle or object and theft.
Well simply, it covers your own repair costs of the damages which were caused from the accident.
I usually encourage client to get $300/500 for the deductible which keeps the coverage option to be cheaper.
However, if you don't want to spend much money and get it all covered by the insurance company, pay more
premium for $50/100 deductible.
* The qualification to obtain Comprehensive and Collision coverage are follows
1. Vehicle must be manufactured within 10 years
2. The car's condition has to be submitted in detail to underwriter or Insurance Agent
So it means when you have an accident and your car is damaged, you have to pay 300/500$ or 50/100$ for
insurance to cover the all costs. I should encourage you to go with full coverage option because, the imported
car like yours may encounter many problems when finding original parts in Korea. So, it could cost you lots of
money when you need to repair the car since the parts must be shipped from USA to Korea.
4. Own Bodily Injury :
Now, this is little sensitive one. The description of this option is that it covers own accidental medical expenses
and costs associated with pain and suffering. 70% of clients are US military members who usually get medical
service for free in base. However to rest of clients who are not in military status in Korea has to go to local
hospital to get check up which may be tremendously expensive. So i strongly suggest to obtain this coverage.
the lowest coverage is 15/15/15MIL KRW and it only costs 23 dollars however, i usually suggest clients to buy
at least 30/15/30 MIL KRW which is 34 dollars. The first 30 is the coverage for death. That amount of money
will be compensated to clients' family or related person if accident was fatal.
Second 15MIL is the coverage for your own medical care. When you get injured and need to go to hospital,
this coverage will cover the expense of it. the last 30 MIL is the coverage for being handicapped due to
accident. There are more coverage option you can choose up to 100/15/100 MIL krw. So assess how much
you can afford and make the decision.
- If you may want your death and disability caused by the accident to be compensated, you should
obtain this option.
5. Uninsured Automobile :
It covers covers expenses of accidents caused by uninsured automobile. In easier way to explain it, when you have an accident with Korean driver who are not insured or got hit and run while driving(Not parked) this coverage will cover your own medical expenses and repair costs of cars. This coverage option can be obtained if you have 4.Own bodily injury coverage. Some Korean people here are on violent drive mode especially the cabs or some cargoes so, if you may find this necessary, you should have it.
6.Emergency Services :
Well, It has various types of service and can be dispatched to any where.
There's no limit of service calls per year (UNLIMITED services are offered)
1. Battery service
2. Tire exchange
3. Tow truck
4. Emergent tow truck
5. Unlocking service(May cause personal money if cars are manufactured in foreign country)
6. Fuel Refilling
7. etc (Engineers are capable of fixing the instant problem so, you can request other types of service as well)
Well the good thing is that this service is offered to unlimited amount every year
Insurance agent's opinion: Many services are available to serve your car with best
quality as you have known