Announcement of ‘improvement of standard car insurance terms and conditions’
Previously, the financial burden was ‘0’… new regulations
Drunk driving accident, up to 170 million won
Starting next year, drivers who cause an accident while driving while taking drugs or drugs will be required to pay up to 150 million won.
The Financial Supervisory Service (FSS) announced on the 30th that “the standard terms and conditions for auto insurance have been improved to significantly strengthen the liability for drug-related accidents.”
First of all, an accident liability fee will be introduced in which drivers must pay up to 150 million won for accidents that occur while driving while taking drugs or drugs. In the past, even if an accident occurred while driving under the influence of drugs or drugs, the insurance company paid insurance money to the victim because there were no regulations, and the driver did not have any financial burden. This led to criticism that it violated equity.
Financial responsibility for drunk driving, driving without a license, and hit and run will also be strengthened. In the future, the responsibility changes to the driver’s responsibility for all insurance payments paid through compulsory insurance (adult I, property less than 20 million won). Accordingly, in the case of drunk driving, from the end of July next year, the accident burden will be significantly increased from the previous maximum of 15 million won to a maximum of 170 million won.
In the event of a death or disability in the event of a death or disability in an automobile accident, the amount of insurance that can be received by a soldier in service or a prospective military service member is greatly increased from about 9.15 million won to about 32.6 million won.
The calculation of lost profits from automobile insurance (the profit or income expected to be obtained by the victim in the future) is changed from the compound interest method to the simple interest method. As a result, the amount of insurance payable in case of death or sequelae disability is significantly increased. For example, for an 11-year-old woman, the amount of lost income is about 290 million won when the compound interest method is applied, but increases to 450 million won when the simple interest method is applied. In addition, in case of a two-wheeled vehicle accident, if the driver proves the purchase price of damaged two-wheeler-specific clothing (hard hat, airbag, etc., integrated protective gear), compensation can be obtained within the limit of 2 million won.
The contents of the improvement of the standard car insurance terms and conditions will be applied from the auto insurance contract whose liability begins on January 1, next year. The liability for accidents related to drunk driving, unlicensed driving, and hit and run accidents will be applied from July 28, next year, to automobile insurance contracts.