Samsung Fire & Marine Insurance Launches 'Personal Electric Vehicle Exclusive Insurance'

Industry's First Basic Coverage for Injury and Vehicle Damage from Battery Charging Accidents

[Asia Economy Reporter Ki Ha-young] Samsung Fire & Marine Insurance has launched a 'Personal Electric Vehicle Insurance' that offers industry-leading specialized coverage for electric vehicles.

Samsung Fire & Marine Insurance announced on the 29th that it will begin selling 'Personal Electric Vehicle Insurance' to contribute to the expansion of eco-friendly vehicle adoption. The insurance is available only for personally owned passenger electric vehicles with insurance periods starting from November 1.

This product is the first in the industry to provide coverage for injuries and vehicle damage caused by accidents during battery charging without requiring a separate special contract. If an electric shock accident occurs during battery charging or if injuries result from fire or explosion, compensation can be claimed under personal injury or automobile accident coverage. If damage occurs to the drive battery due to charging, compensation is available under the own vehicle damage coverage.

The newly established Electric Vehicle Towing Distance Extension Special Contract provides towing services up to 100 km in case of breakdown or battery depletion. Customers can conveniently use the service up to six times annually from anywhere. Previously, towing was limited to a maximum of 50 km.

To prepare for accidents occurring far away, vehicle transportation costs and passenger return expenses are also covered. Repairing the battery system after an electric vehicle accident typically requires visiting an authorized service center, but some brands have authorized centers only in specific regions, which may incur additional costs. Samsung Fire & Marine Insurance covers vehicle transportation costs up to 500,000 KRW for remote accidents. Additionally, a fixed amount of 200,000 KRW is paid for passenger return expenses from the accident site to home. This special contract is exclusively offered by Samsung Fire & Marine Insurance in the industry.

If the electric vehicle is within three years of its model year, customers can also subscribe to the Battery New Price Compensation Special Contract. This contract covers the depreciation cost of the battery if the drive battery must be replaced with a new one due to an accident.

If a total loss accident requires purchasing a new vehicle, the special contract covers registration taxes and inspection costs needed before taking delivery of the new vehicle within the insured limit on an actual expense basis. Samsung Fire & Marine Insurance is also the only company in the industry to offer coverage for new vehicle inspection costs.

A Samsung Fire & Marine Insurance representative said, "This product was planned in response to the rapid spread of electric vehicles recently," adding, "We will continue to develop related products to contribute to the expansion of eco-friendly vehicle adoption."