Financial Supervisory Service Establishes Inquiry System for Auto Insurance Premium Discounts and Surcharges
The Financial Supervisory Service announced on the 13th that it has established the 'Automobile Insurance Premium Discount and Surcharge Inquiry System,' which allows users to easily check automobile insurance subscription information and the causes of insurance premium changes.
[Asia Economy Reporter Oh Hyung-gil] Mr. Kim Gyu-young (alias, 65), who had two car accidents processed through insurance last year, was greatly surprised when his insurance agent told him that his premium would increase by 1.2 million KRW this year to 2.5 million KRW. After accessing the Car Insurance Premium Discount/Surcharge Inquiry System to check his past insurance payment history, Mr. Kim confirmed that the two insurance claims last year were small amounts of 300,000 KRW and 400,000 KRW respectively. He then called the insurance company and paid these claims out of pocket. As a result, he was able to subscribe to car insurance for 1.4 million KRW.
A new inquiry system will be launched that allows users to check the discount and surcharge details of their car insurance premiums and preview the expected premium for contract renewal.
On the 13th, the Financial Supervisory Service announced that it has established the "Car Insurance Premium Discount/Surcharge Inquiry System," which enables easy verification of car insurance subscription information and reasons for premium changes.
After identity verification via text message or other methods, drivers can check their insurance subscription details including vehicle number, vehicle type, insurance company name, and insurance period.
Drivers with a long time remaining before their car insurance expiration can view discount and surcharge details for both previous and current contracts, while those with about one month left before expiration can check the expected discount and surcharge details for the current and renewal contracts.
Additionally, detailed information related to discounts and surcharges such as number of accidents, number of traffic violations, discount/surcharge grade, age, subscription history, and whether age-restricted special contracts are subscribed can be confirmed.
Through the inquiry system, users can also learn about car accident dates over the past 10 years, insurance payment details by car insurance coverage, premium surcharge points, and traffic violation records.
However, only car insurance for privately owned passenger cars and small business vehicles registered under individual ownership can be queried.
An official from the Financial Supervisory Service stated, "Car insurance premiums are calculated differently depending on various factors such as the driver's age and number of accidents, making it very complex and difficult for consumers to understand. This system will guide users on how car insurance premiums are calculated, helping drivers understand how their premiums are determined and identify the causes of discounts and surcharges."
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