Auto insurance is a compulsory insurance with over 23 million people subscribed. The average annual premium per car last year was 740,000 won. When renewing auto insurance, insurance premiums are often increased even if there is no accident, but it was not easy for drivers to determine the cause.
From the 14th, drivers will be able to easily inquire detailed reasons for premiums and discounts on auto insurance premiums.
The Financial Supervisory Service announced on the 13th that it has established a’auto insurance premium discount/premium inquiry system’ (prem.kidi.or.kr) that can easily check auto insurance subscription information and causes of insurance premium fluctuations, and will start service from the 14th.
The discount/premium inquiry system provides details related to the premium of the contract before and after the driver’s car insurance renewal. It provides detailed information on the number of accidents that determine auto insurance premiums, the number of legal violations, discount/premium grades, age, and subscription history so that consumers can understand the reasons for insurance premium changes.
It also provides information on the expected premium discount and premium rates for the current contract. Such detailed information can be inquired only for auto insurance that has been subscribed to as a private car and a small car for personal use.
It also includes a function to view auto insurance subscription information, past accidents and legal violations, and the method of calculating renewal insurance premiums.
Significant violations of laws and regulations such as unlicensed driving, drunk driving, and speeding in school zones subject to premium premiums can also be inquired within the past 10 years.
Reporter Kim Hee-won email@example.com
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