Hana Insurance, One-Day Car Insurance Sales Surge 40%... Coverage Revamped

Hana Insurance announced on the 18th that its one-day car insurance sales in the first quarter increased by 40% compared to the same period last year, reaching 91,000 cases.

[Asia Economy Reporter Oh Hyung-gil] Hana Insurance announced on the 18th that its one-day car insurance sales in the first quarter increased by 40% compared to the same period last year, reaching 91,000 cases.

One-day car insurance is a daily car insurance product that allows immediate coverage by subscribing via smartphone when driving someone else's car or a rental car. Since its industry launch in 2012, sales have steadily increased from 266,000 cases in 2019 to 326,000 cases last year.

Hana Insurance stated that due to the rapid increase in one-day car insurance sales, the product will be newly revamped. The existing One-day Car Insurance I and II have been integrated into one-day car insurance, and the eligible vehicle types, previously limited to passenger cars, have been expanded for the first time in the industry to include imported cars, vans, cargo trucks (under 1 ton), and long-term rentals (rented for over one year).

Additionally, uninsured motorist coverage and a legal expense support special contract covering criminal liability that may occur while driving can be optionally added. The property damage liability limit has been raised from 30 million KRW to 100 million KRW, and the deductible for other vehicle repair costs has been lowered from 500,000 KRW to 300,000 KRW. Insurance premiums can be subscribed from 5,500 KRW per day up to a maximum of 15,000 KRW.

A Hana Insurance official said, "Although one-day car insurance is a short-term product subscribed temporarily, it sufficiently reflects customer needs by providing adequate coverage." He added, "We will strive to develop products that offer practical coverage benefits at affordable premiums and enhance convenience."