Baemin Introduces Industry's Largest "High Coverage Hourly Insurance"

Property Damage Liability Limit Raised to 100 Million Won
Rider Accident Coverage Expanded Up to 50 Million Won

Woowa Brothers Youth, the logistics service provider for Baedal Minjok, announced on September 24 that it will launch the "High Coverage Hourly Insurance" in partnership with KB Insurance starting November 1.

The High Coverage Hourly Insurance was developed by actively incorporating feedback from the field. It retains the advantage of existing hourly insurance, where riders pay premiums only for the hours they are on the road, while significantly expanding coverage to include property damage, personal injury, and legal expenses.

Specifically, the property damage liability limit has been increased from 20 million won to 100 million won; the newly added "personal injury (self-accident) coverage" provides up to 50 million won; and the newly introduced "rider legal expense support" offers up to 30 million won for legal services such as attorney fees and criminal settlements.

The cost of this new high coverage insurance is set at 820 won per hour, minimizing the financial burden compared to previous products while maximizing coverage. The hourly insurance premium of 820 won is 53.7% lower than when the product was first introduced.

Woowa Brothers Youth has continuously expanded the social safety net for riders through ongoing consultations with insurers. Since the introduction of hourly insurance, the number of participating insurers has increased from one to four (KB Insurance, Delivery Service Mutual Aid Association, DB Insurance, and Hyundai Marine & Fire Insurance), and hourly insurance is now available for vehicles other than motorcycles.

In particular, Woowa Brothers Youth has become a member company of the Delivery Service Mutual Aid Association by investing 4.7 billion won, the largest amount of capital among its members. The mutual aid association currently offers insurance products up to 45% cheaper than market rates, and research has shown that it has reduced riders' actual insurance premiums by 24.4 billion won per year.

A representative from Woowa Brothers Youth stated, "As the high coverage hourly insurance provides the industry's highest level of protection and was designed through active communication with on-site riders, it will help foster a safer delivery culture. The hourly insurance system is not just a simple insurance product but a key foundation for building a safety culture in the delivery industry. We will continue to develop effective systems to ensure rider safety in the future."