Before Heading Home for Lunar New Year... Checking Insurance, Free Inspection Services, and Driver Coverage Is Essential

Make Use of Free Vehicle Inspection Services
Be Sure to Check the Scope of Covered Drivers Under Your Auto Insurance
Confirm Roadside Assistance Riders...Towing, Tire Replacement, and More

The Financial Supervisory Service urged drivers to prepare for the Lunar New Year holiday by making use of free vehicle inspection services and checking in advance what is covered under their auto insurance policies, including the scope of covered drivers.

According to the Financial Supervisory Service on the 9th, the day before the Lunar New Year holiday, when the full-fledged homeward traffic begins, the average daily number of traffic accidents was 13,233 cases, an increase of 23.1% compared with normal times. During the same period, the numbers of minor and serious injury victims, as well as drunk-driving accidents and related casualties, all rose sharply compared with ordinary days.

In response, the Financial Supervisory Service provided guidance on auto insurance information that consumers may find useful. First, it advised that before departure, it is helpful to use the free vehicle inspection services offered by insurers. Drivers can have tire pressure, batteries, brakes, and oil levels checked free of charge, and tire inspection is particularly important because late-winter cold snaps make it easy for black ice to form. However, it added that service periods, locations, and inspection items differ by insurer, so these should be checked in advance.

The agency also stressed that if drivers plan to take turns at the wheel during a long-distance trip, they must check the scope of drivers covered under their auto insurance. If the policy limits who may drive and a family member or relative who is not within that scope causes an accident while driving, compensation other than for Bodily Injury I may not be paid. In such cases, the driver scope can be expanded for a certain period through an "extension of short-term driver coverage" special clause. Conversely, if there is a possibility of driving someone else's vehicle, the Financial Supervisory Service explained that policyholders should also check whether they are enrolled in a special clause for driving other vehicles.

In addition, it emphasized that checking whether one is enrolled in a roadside assistance special clause is another item that must be confirmed before departure. During the Lunar New Year holiday, breakdowns or accidents can lead to longer wait times for assistance, so a roadside assistance rider that provides services such as towing, emergency refueling, battery charging, and tire replacement can be very useful. However, it added that in most cases coverage under such riders begins at midnight on the date of enrollment, so drivers need to sign up no later than the day before departure.

The agency warned that drunk driving and driving without a license can lead to a heavy financial burden even if the driver is insured. If an accident occurs while driving under the influence or without a license, the driver will not only be subject to criminal penalties but will also face higher insurance premiums and a large accident co-payment. In the case of bodily injury accidents, the driver may have to bear up to 280 million won, and for property damage accidents, up to 70 million won, while the passenger’s insurance payout may be reduced by up to 40%.

It also warned that during the homeward trip for the Lunar New Year, the risk of accidents increases due to drowsy driving and speeding caused by long hours behind the wheel, as well as failure to maintain a safe following distance. Accordingly, for long-distance driving, drivers should take breaks at rest areas or drowsy driving rest zones, and reduce speed when driving through tunnels and on bridges.

The agency stressed that when an accident occurs, preventing a secondary accident is of utmost importance. If an accident happens on an expressway, drivers should turn on their hazard lights, evacuate to a safe location outside the vehicle, and then report the accident. It added that if they receive an evacuation guidance text message through the "Emergency Evacuation Alert Service," they must immediately move in accordance with the instructions.