670,000 Songpa-gu Residents Automatically Enrolled in Bicycle Insurance... Compensation from 2 Million to 30 Million Won

First-time Enrollment This Year, All District Residents Eligible for Benefits... Coverage Up to 30 Million Won from Hospitalization to Lawyer Appointment

[Asia Economy Reporter Jongil Park] Songpa-gu (Mayor Seongsoo Park) has enrolled in bicycle insurance for the first time, allowing all residents to receive free compensation in case of bicycle accidents.

The district has created a bicycle-friendly urban environment with 107.9 km of bike lanes, 133 public bicycle Ddareungi rental stations, and the nation’s first bicycle repair center.

Thanks to these efforts, the bicycle usage rate was 17.2% as of 2019, similar to the Seoul city average of 17.9%. However, personal bicycle insurance enrollment was not widespread, limiting safe bicycle use.

Accordingly, the district has subscribed to bicycle insurance for all residents, with the system set to begin operation on March 1.

All residents registered in Songpa-gu will be automatically enrolled without any separate procedures. As of the end of December last year, 667,960 people are expected to benefit from the insurance.

Accidents occurring while directly riding a bicycle or while riding on a bicycle, as well as accidents caused by bicycles during pedestrian movement, are all covered.

Benefits apply nationwide regardless of the accident location, as long as it occurs within South Korea.

The coverage includes seven categories: ▲death from bicycle accidents ▲permanent disability ▲diagnosis consolation money ▲hospitalization consolation money ▲fines ▲attorney fees ▲traffic accident handling support fund.

Compensation ranges from 200,000 KRW to a maximum of 30 million KRW depending on the category.

The coverage period is one year until February 28 of next year, and insurance claims can be made up to three years from the date of the accident. Depending on the coverage category, duplicate payments are possible regardless of other personal insurance policies.

Seongsoo Park, Mayor of Songpa-gu, stated, “With the automatic enrollment of all residents in this bicycle insurance, we have established a practical relief system that guarantees residents’ safety in bicycle accidents.” He added, “We will continue to discover new bicycle projects for the safety and convenience of residents and create an environment where residents can use bicycles with peace of mind.”