K Car Extends Compensation for Flood-Damaged Vehicles Until Year-End

[Asia Economy Reporter Choi Dae-yeol] K Car, a direct used car platform company, announced on the 6th that it will extend the 'Flooded Car Assurance Compensation Program' until the end of this year. Following the recent heavy rains and typhoons, concerns about damages caused by purchasing flooded cars have increased, leading to the decision to extend the program by an additional three months to address these concerns.

This program guarantees that if a customer discovers within 90 days of purchase that the car has a flood history contrary to K Car's vehicle inspection results, they will receive a full refund including the vehicle price and transfer fees, as well as additional compensation. The additional compensation has been increased from the original 1 million KRW to 5 million KRW as of August.

The company has established a policy not to purchase flooded cars after conducting inspections of the vehicle's interior and exterior for accidents or replacements, performance diagnostics of the engine and transmission, flood damage, and coating measurements. Nevertheless, to alleviate concerns, the company has been implementing the Flooded Car Assurance Compensation Program annually.