Personal Accident Insurance Premiums for Paid Transportation to Be Reduced by 20-30%
Time-Based Insurance Eligibility Expanded to Riders Aged 21 and Older
On December 15, the Financial Supervisory Service announced that it will work to rationalize the motorcycle insurance premium system in order to reduce the insurance burden for young delivery riders.
The Financial Supervisory Service plans to rationalize personal accident insurance premiums for delivery riders. The agency will gradually reduce premiums for personal accident insurance for paid transportation by 20 to 30 percent compared to current levels.
The eligibility for time-based insurance for delivery riders will also be expanded. The plan is to allow young delivery riders (aged 21 and older), who often operate without insurance due to high premiums, to enroll in time-based insurance. Currently, only those aged 24 and older are eligible.
The system for transferring discount grades will also be revised. When a new contract is signed after changing motorcycles, the discount grade from the previous contract will be allowed to be carried over.
An official from the Financial Supervisory Service stated, "With these system improvements, the insurance burden on delivery riders and owners who replace their motorcycles will be eased, further strengthening the social safety net function of insurance. We will continue to identify and improve unreasonable aspects of the current system to minimize the burden on policyholders and promote their rights and interests."
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