Yongsan-gu Compensates Residents with 18.6 Million Won for Bicycle Damages Over the Past Year

District renews bicycle insurance for all former residents... Contract period August 1, 2021 - July 31, 2022, covers personal accidents while using bicycles and pedestrian accidents caused by others

[Asia Economy Reporter Park Jong-il] Yongsan-gu (Mayor Seong Jang-hyun) will renew bicycle insurance for all residents (including foreigners) as of August 1st.

This is to continuously provide coverage for residents' bicycle accidents.

All Yongsan-gu residents automatically become insured without any separate enrollment procedures. They can receive insurance benefits not only for accidents they suffer while using a bicycle but also for pedestrian accidents caused by others.

The contract period is one year from August 1, 2021, to July 31, 2022. Yongsan-gu residents (including foreign registrants) can enjoy insurance benefits for bicycle accidents "365 days," "24 hours," and "anywhere nationwide."

The coverage includes ▲death consolation money (KRW 10 million, excluding those under 15) ▲disability consolation money (KRW 10 million) ▲injury consolation money (KRW 300,000 to 700,000) ▲hospitalization consolation money (KRW 200,000 additional payment for diagnosis over 4 weeks and hospitalization over 7 days) ▲fines (up to KRW 20 million, excluding those under 14) ▲attorney fees (up to KRW 2 million, excluding those under 14) ▲traffic accident handling costs (up to KRW 30 million, excluding those under 14).

Those wishing to receive insurance payments should contact the insurance company (DB Insurance) directly within 3 years from the date of the incident. After review, the insurance company will deposit the insurance money into the insured person's bank account.

The insurance subscription budget is KRW 89 million, with a subscription cost per resident ranging from KRW 402 (age 15 and above) to KRW 255 (under 14).

Last year, the district enrolled all residents for bicycle insurance for the first time. The contract period was one year from August 1, 2020, to July 31, 2021, during which the insurance company paid KRW 18.6 million for a total of 38 bicycle accident cases (20 cases within Yongsan-gu and 18 cases outside the area).

Seong Jang-hyun, Mayor of Yongsan-gu, said, "As the COVID-19 situation prolongs, bicycle usage rates are increasing," and added, "The district will do its best from creating bicycle roads to subscribing to insurance so that residents can use bicycles with peace of mind."

He also said, "If you had an accident last year but have not received insurance money, please contact the insurance company before the coverage period ends."