Lotte Insurance Launches Hourly Insurance for Motorcycles with Property Damage Coverage up to 100 Million Won

Lotte Insurance announced on July 11 that it has launched the 'let:click Delivery Platform Auto Insurance' (high-coverage hourly insurance) for delivery partners, in collaboration with Coupang Eats Service.

Lotte Insurance and Coupang Eats jointly developed this product by analyzing recurring accident types and coverage blind spots, drawing on their years of experience in operating insurance products for delivery partners.

The high-coverage hourly insurance expands property damage coverage from the previous 20 million won to up to 100 million won, which is five times higher. The industry average for property damage coverage is about 20 million won. Additionally, for the first time in the industry, the policy newly introduces a 'personal injury' (self-injury) coverage item with a limit of up to 50 million won, significantly reducing the medical expense burden for delivery partners.

Unlike the traditional 'fixed-rate insurance' model, where premiums are fixed, the hourly insurance model automatically calculates premiums based on actual delivery driving time. Young people and part-time delivery partners who deliver for only short periods can also receive sufficient coverage at a reasonable premium of about 800 won per hour.

A Lotte Insurance representative said, "The high-coverage hourly insurance service allows customers to enjoy extensive coverage benefits at a reasonable cost," adding, "We will continue to introduce innovative insurance services by collaborating with various partners in the future."

A Coupang Eats representative stated, "The high-coverage hourly insurance for two-wheeled vehicles is characterized by maximizing coverage while reducing the actual burden," and added, "We will continue to prioritize the protection of delivery partners by expanding policy improvements and effectiveness-focused measures."