Samsung Fire & Marine Insurance Strengthens Customer Coverage with Two New 'Car Insurance Riders'

Samsung Fire & Marine Insurance announced on the 25th that it has newly established two special coverage options for personal automobile insurance: the 'Pedestrian Injury Compensation Rider' and the 'Own Vehicle Market Value Depreciation Compensation Rider' to strengthen customer protection. The new riders can be subscribed to from automobile insurance contracts with coverage starting April 6.

The Pedestrian Injury Compensation Rider provides coverage when the insured suffers injuries due to a collision with a vehicle while walking. Since automobile insurance is mandatory, basic compensation can be received from the insurance policy held by the vehicle involved in the accident when a pedestrian is hit. However, if the pedestrian is at fault, the insurance payout is reduced by the proportion of the pedestrian's fault.

By subscribing to the 'Pedestrian Injury Compensation Rider,' the insured can receive the amount deducted due to their own fault from this rider. Even if the vehicle only has mandatory insurance rather than comprehensive insurance, which limits compensation, damages exceeding the limit can be compensated within the subscribed amount.

The Own Vehicle Market Value Depreciation Compensation Rider is linked to the own vehicle damage coverage. When a vehicle is damaged beyond a certain extent in an accident, even after repairs, the resale price of the vehicle may decrease, and this rider can partially compensate for that loss.

However, it should be noted that the payout is made according to insurance payment criteria rather than by verifying or estimating the actual market value depreciation loss. If the direct repair cost of the customer's vehicle due to the accident exceeds 20% of the vehicle's value, insurance compensation equivalent to 10-20% of the repair cost will be paid depending on the vehicle's age.

A Samsung Fire & Marine Insurance official stated, "These new riders were established to broadly cover risks related to automobiles for our customers," and added, "We will continue to introduce various products and services to protect our customers' daily lives and create a better world."