To Lower Car Insurance Premiums... Narrow Driver Coverage and Actively Use Special Contracts

Limited to couples with children added only when necessary
Discounts on safe driving scores, black boxes, and internet subscriptions

On the 20th, one day before the Lunar New Year holiday, the Gyeongbu Expressway heading toward Busan near Jamwon IC in Seoul is showing congestion. Photo by Dongju Yoon doso7@

There is advice that actively utilizing various special discounts is necessary to lower car insurance premiums. It is explained that while minimizing the range of drivers, one should carefully consider discount factors such as black boxes and mileage.

On the 27th, Samsung Fire & Marine Insurance released a car insurance premium discount plan containing these details. Car insurance is a mandatory insurance that all drivers must subscribe to. Since premiums can vary depending on the driver's age, experience, and driving habits, it is important to carefully examine various discount special agreements.

Minimize Driver Range... Add Only When Necessary

First, you need to set the driver's age and range. Among the people who will drive the vehicle, check the lowest age and subscribe to the 'Driver Age Restriction Special Agreement.' Generally, the higher the set age, the cheaper the premium.

It is also better to limit the range of drivers. Premiums are cheaper when narrowed down to 'one insured person' or 'couple' rather than 'anyone' or 'entire family.' For example, if a couple mainly drives and their child occasionally drives, the basic driver range is set to the couple, and if the child drives, an 'Temporary Driver Special Agreement' is subscribed to. Also, if there are children under 6 years old or a fetus is pregnant, premiums are discounted by about 1-20%.

Maximize the Effect of Driving Experience

The 'No Accident Driver Discount System,' which offers a discount of 19.4% to 10.3% on premiums for three consecutive years of no accidents including experience with other companies, is also effective. This system was first introduced by Samsung Fire & Marine Insurance and is now operated by most non-life insurance companies. Experience such as military driving duty, corporate and government driving jobs, and overseas car insurance subscriptions are also recognized as driving experience.

'Good' driving experience also helps. If safe driving habits are proven through the Tmap Navigation application (app), you can receive up to a 10% discount on premiums through the 'Tmap Good Driving Discount Special Agreement.' Samsung Fire & Marine Insurance was the first in the industry to offer discounts regardless of driver restrictions if a safe driving score is reached. Single or couple-limited subscribers receive up to a 10.3% discount, while other driver-limited subscribers receive up to a 9.3% discount.

These benefits can be combined with the 'Mileage Discount Special Agreement,' which refunds premiums based on annual mileage. Samsung Fire & Marine Insurance operates the 'Eco Mileage Special Agreement,' which offers discounts of up to 2-35% on premiums depending on annual driving distance performance.

Black Box, Healthcare & Internet Subscription Discounts

It is also necessary to take advantage of the black box special agreement. Insurance companies offer discounts of about 1.1% to 6% on premiums. When subscribing, you need to enter the black box's manufacturer, model name, etc. However, it must be able to operate in a fixed state at all times.

In the case of Samsung Fire & Marine Insurance, it is also possible to get premium discounts by using healthcare services. Customers using 'Samsung Fire & Marine Anyfit Plus' or 'Samsung Fire & Marine Good Walking' can receive a 3% discount on premiums if they achieve certain conditions set by the company based on step information measured through these services.

Direct car insurance purchased via the internet is also essential. Simply choosing an insurer with a high internet discount rate can save about 16-20% on premiums. Since discount rates vary by insurer, it is necessary to do some 'online legwork.'

A Samsung Fire & Marine Insurance car insurance official explained, "We plan to encourage accident prevention by providing various premium discount benefits to customers who drive safely," adding, "Preventing accidents through safe driving and receiving premium discounts when renewing insurance is the biggest way to reduce insurance premiums."