Hanwha Life Insurance Offers 5% Discount on Premiums for 10% Annual Mileage Reduction

Hanwha General Insurance announced on the 11th that it will be the first in the industry to introduce and start selling the ‘Personal Mileage Reduction Discount Rider,’ which offers premium discounts when the annual driving distance decreases.

The ‘Personal Mileage Reduction Discount Rider’ was developed to provide reasonable auto insurance premiums to customers whose driving distance decreases due to changes in their living environment. Additionally, it is expected to help alleviate traffic congestion and reduce pollution through decreased driving distances.

Customers who subscribe to this rider and reduce their annual driving distance by more than 10% compared to the distance before insurance enrollment can receive a 5% refund on their premium at the end of the insurance contract, regardless of the driving distance.

Combined with the existing mileage discount rider, customers can receive up to a 45% discount on their premiums. Hanwha General Insurance’s ‘ECO Mileage Rider’ offers up to a 40% premium discount if the annual driving distance is 2,000 km or less, with discounts available for distances up to 18,000 km.

The ‘Personal Mileage Reduction Discount Rider’ will be available for sale starting April 11, based on the effective date of coverage.

A Hanwha General Insurance official stated, “The mileage reduction discount rider is expected to generate social and environmental value by encouraging reduced vehicle usage, making it a meaningful outcome in terms of ESG (Environmental, Social, and Governance) management. We will continue to develop products that provide various benefits to customers while fulfilling the social responsibilities of the insurer.”