Heungkuk Fire & Marine Insurance Expands "Jump Warranty" Used Car Coverage to One Year

Coverage Extended Up to One Year or 20,000 Kilometers
Reducing Consumer Anxiety with Enhanced Used Car Warranties

Heungkuk Fire & Marine Insurance announced on September 2 that it has signed a business agreement with JP Warranty, a company specializing in automobile warranties, to extend the warranty period for its used car warranty service, "Jump Warranty," to one year.

Heungkuk Fire & Marine Insurance recently held a business agreement ceremony with JP Warranty at its headquarters in Sinmunno, Jongno-gu, Seoul, and discussed ways to promote the service. Currently, used cars that have passed the performance inspection by the Korea Automobile Diagnosis and Warranty Association are only covered for one month through mandatory insurance. However, with this agreement, the "Jump Warranty Extended Warranty Service" will cover major components such as the engine and transmission for up to one year or 20,000 kilometers, whichever comes first.

Han-Yong Park, CEO of JP Warranty (from left), Mi-Yeon Kim, Director of Public Relations at JP Warranty, and Jung-Min Hur, Executive Director of Corporate Business Division at Heungkuk Fire & Marine Insurance, are posing for a commemorative photo after signing a business agreement. Heungkuk Fire & Marine Insurance

Heungkuk Fire & Marine Insurance aims to reduce consumer anxiety caused by short-term coverage and contribute to creating a more stable environment for used car transactions.

According to the Ministry of Land, Infrastructure and Transport, the annual volume of used car transactions in South Korea is about 4 million units, exceeding new car sales. However, more than 10,000 consumer complaints regarding used car transactions are reported each year. The main types of damages include discrepancies in performance and condition, failure to disclose accident or flood history, and lack of warranty.

A representative from Heungkuk Fire & Marine Insurance stated, "Expanding performance inspections and warranty systems for used cars plays a crucial role in protecting consumer rights and establishing a sound distribution culture. We will strive to build a trusted used car market through differentiated insurance services." A representative from JP Warranty added, "The extended warranty service for vehicles verified by the Automobile Diagnosis and Warranty Association will help alleviate consumer concerns and strengthen the industry's competitiveness."

Experts advise that when purchasing a used car, buyers should always check the performance and condition inspection report, review the scope and period of the warranty, and verify the accident and flood history.