imported vehicle proprietors’ coverage rates likely to be raised

the economic supervisory provider is planning to take measures inside the fourth region so that the owners of cars priced at over 50 million won pay more coverage premiums and the relaxation will pay much less. that is due to the fact the restore expenses of these extra luxurious cars, imported cars in many instances, are extra than twice the ones of the relaxation and the repair fee burden on the former has been shifted to the latter to some extent.

at present, an additional top class of 3 to 15 percentage is carried out to the proprietor of a automobile requiring a repair cost equivalent to a hundred and twenty percent or greater of the average repair fee. the coverage top rate range is probably to be adjusted upward.

consistent with the financial supervisory provider, within the first half of this yr, 117,737 repairs have been carried out for imported motors, 575,833 for home, and the repair fee according to case turned into 3,622,480 received inside the former group and 1,623,040 received in the latter. this difference is mainly due to the fact parts in imported automobiles are an awful lot extra highly-priced.

inside the 2nd area, the domestic car-related coverage loss ratio become 66.7 percentage and that associated with imported motors turned into 69.3 percentage. bills from insurers to imported vehicle proprietors totaled 400.8 billion received in the first half of of 2021 and rose 6.4 percent to 426.three billion gained within the first half of of this year. the payments and loss ratio rose despite a 14.1 percentage lower in accidents.

below the situations, car coverage businesses are trying in numerous ways to reduce their loss ratios. as an instance, db coverage recently signed an mou with amass to higher look at imported car elements and enhance its coverage processing automation. amass is a startup offering synthetic shrewd-primarily based automobile harm assessment and restore cost estimation services. hyundai marine & fireplace insurance and chabot mobility signed an mou in april for ordinary machine development.