Carrot Insurance Launches Digital Key Exclusive Auto Insurance in Partnership with Hyundai Motor Company

Carrot General Insurance announced on the 8th that it will launch two types of digital key-exclusive car insurance products in partnership with Hyundai Motor Company.

[Asia Economy Reporter Oh Hyung-gil] Carrot General Insurance announced on the 8th that it will launch two types of digital key-exclusive car insurance in partnership with Hyundai Motor Company.

The 'Per-Hour Car Insurance' and 'Per-Mile Car Insurance Digital Key Driver Expansion Special Contract' were developed to suit the characteristics of Hyundai Motor Company's digital key service, which allows authorized persons to drive the car via an app without a physical car key.

Per-Hour Car Insurance is the first car insurance where the premium is calculated hourly, and the person who receives the key via the digital key app can immediately subscribe before driving the vehicle. The premium is calculated in hourly units starting from a minimum of 6 hours, and can be extended up to 30 days. Previously, when driving someone else's vehicle, the vehicle owner had to change the coverage at least one day in advance.

The Per-Mile Car Insurance Digital Key Driver Expansion Special Contract is available to owners of vehicles equipped with the digital key function, and the insurance premium is paid monthly in installments based on the distance driven.

However, through the Digital Key Driver Expansion Special Contract, the driver scope of the car insurance can be changed immediately when sharing the digital key. The vehicle owner bears the insurance premium incurred due to the change in driver scope.

Jung Young-ho, CEO of Carrot General Insurance, said, "Hyundai Motor Company can offer more reasonable insurance products to customers in a connected car environment, and Carrot General Insurance can expect channel expansion by gaining recognition for product competitiveness through entry into Hyundai's connected car platform." He added, "We will expand partnerships with Hyundai Motor Company, a major shareholder, in various ways."