I will be buying a car next month and I'd like to know where I can get insurance. I just wantthe basic stuff and I will be buying a used/CHEAP car. Any suggestions would be helpful.
There are a ton of companies, but I was told educar were the cheapest, so therefore use them, www.educar.co.kr. I forget what I paid my first year, but I have just signed on for a second year and paid 270 bucks for the basic coverage. My car is 97 Avella for comparison.
The first year I got insurance a Korean friend helped me, but this year I got a call from a woman from the company with immaculate English so was able to renew without any help. So if you wanted to try and do it yourself you could try ringing them and asking for an English speaker. Number is 1566-3000
Other companies include Samsungs Anycar, Hi-Car, AXA and Allianz searching 자동차보험 on Google or Naver will get you a ton of hits.
Calculation seems to be based on the value of your car(not the price you bought it for) and your age. I know a poor old Korean friend of mine who drives a Carenz and is 23 and he is paying nearly 2000 bucks a year!
Depends how you are going to buy your car and where from ....if you buy your car from a dealer you will pay more it and the usually sort the insurance out for you. Having the cheapest insurance is not always the best option, because if you do get into an accident over here you will ALWAYS pay part of the cost, maybe 30/70 or 60/4 being the most common. If you have a more expensive company (Samsung being the most expensive), the tend to get you a more favourable percentage of claim in the accident, which i assure you you will have, considering the way most Korean people drive in Busan!
so cheapest is not always the best option in the long run ... as a reference I am with Samsung and I pay 490 for a BMW 540 I am 36 .
If you need any help getting a car drop me a line, I know a good dealer who has always come up trumps for me in the past.
Wow, you guys have me thinking now. I know my Korean friends who make a decent salary tend to go with Samsung. I had car trouble once with a friend and they came lickety split to fix the car.
I don't like the idea of cheapest, but it really does come down to what they say I have to pay. And when you guys are giving quotes, is that for 6 months or a year or what? -_-;;
I'll be turning 27 soon and I plan on buying just a super cheap commuter car, like 1 mil to 1.5 mil. It just has to last two years and isn't supposed to be a chick magnet or something. I just need it to get out to work. And it won't be for driving "in city." I live in Hadan and I would be driving from there across the river to the wild unknown where I work.
My quote was for a year.
Please don't buy a Matiz. I loathe them. They are the mosquitoes of the road.
The direct products (educar) may sometimes be the cheapest since everything is processed online by computers.
This means when you are in an accident nobody is there to fight for your % responsibility. I mean if you are in an accident with a car not insured by a direct product, then there will be someone from the insurance company trying to reduce the fault of the other driver. While you will have no one. The fault % is very important when the damage is high or someone is dead or injuired.
You can get a price comparison of 10 insurance companies by contacting me.
You can also see some case studies here. http://www.facebook.com/carinsuranceinkorea
insukorea at hotmail.com
Cheapest is not always best. I use Chartis/Aig. They have English speaking reps and cater to expats. All the materials they send you are in English. I've had to use their service twice to get my dead-battery going and they got to my location is about 10 minutes, plus I could speak English to report my problem.
i had a 2001 hyundai tiburon, used. i went with the dealers suggestion, he'd hooked up some friends of mine with cars over the years. he recommended meritz. i paid 1,100,000 my first year and lest than 1 million the second year. reason was so high was cuz was first car in korea, was sports car. it also covered the driver (me). the cheaper deal did not include any coverage of the driver. and given the state of driving in ROK I chose to keep my ass covered.
I will *NEVER* use Meritz!!!
Last year, I got hit by a car while riding my bike, the driver (who was insured by Meritz) admitted 100% fault on the spot and never contested it, so it was a slam dunk case. My bike was banged up and my back got wrecked (still hurts to this day). They made me pay for 20% of the damages to my bike and after a lot of fighting they paid me $300 for my "pain and suffering." Absolute bullsh!t.
There are two options for auto insurance policy for foreigners.
First one is domestic insurance policy that most Korean buy and the other one is FAP(Foreign Insurance Policy).
For the first time auto insurance buyer, FAP is a lot cheaper than domestic policy and if you have no claim proof from your previous auto insurance company, you will get additional discount on your annual premium.
Go to www.911ins.com and request a quote.
If you have no claim history from previous auto insurance company(foreign company) you will get 10 to 20% discount on your annual policy. Also if you have no claim proof with local insurance company such as Samsung, LIG, Dongbu etc, you could get up to 40% discount on your annual policy premium.
If you have any question, fee free to ask me.
AIG auto insurance No claim bonus discount rate.
You can get up to 40% discount on your auto insurance premium.
Mr. Parker, he has no claim history for past 2 years with his previous auto insurance company Geico. His Geico policy was expired in last 12 month and he got 20% discount on his AIG policy. He saved $200.
Miss. Ward, she has been Korea more than 5 years and has 4 year no claim history from domestic insurance company with Samsung and Dongbu. When she swich her insurance policy with AIG, she got 40% discount on her annual premium. She saved $300.
Check your auto insurance price with AIG www.911ins.com.
David KimAIG Auto InsuranceCell : 010-3191-1114E-mail : [email protected]
I am a member of Samsung Fire/Marine Expats Insurance Team.
If you need any kinds of insurnace in Korea, you can contact me.
Samsung Fire/Marine Expats Insurance Center
There are many insurance agents who are friendly and willing to assist you in purchasing car insurance. Many agents have multiple licenses to contract out with the car insurance companies in Korea and can work to find you the lowest rate.
The very worst experience I had residing in Korea for more than 2 years is working with David Kim from AIG. He was very unprofessional with his quotes, changing them on more than 3 occasions. When waiting on a quote for a newly purchased car, he was not upfront and honest, basically wasting my time and the Korean car sales dealer who waited 2 days for the final quote...which never came! When David said he would send a quote from another company, he instead sent the policy manual for the insurance company! He even lied about his name, and his own position and title. In my opinion, agents like David hurt the industry and the other agents who work hard and care about their position...not just about the profit.
As a person who tries to be fair minded with people, I found working with David to be a perfect example of how terrible an experience can be. If you value time, trust and honesty, look elsewhere.
My experience with David Kim and AIG has been excellent. However, AIG will no longer provide auto insurance in South Korea as of October 1st this year.. I'm a non-SOFA resident and unfortunately, USAA will not provide a policy. If you've had a good experience with an auto insurer here, please post. Thank you!
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