Auto Insurance Abroad: American Companies In South Korea

Auto insurance is compulsory in South Korea for all vehicles with a motor of 50cc or more. While some American companies offer auto insurance in South Korea, it seems that only local insurers are able to provide insurance for registered vehicles. One source mentions that USAA, an American banking/insurance company, is used by many US military personnel in Korea to insure their vehicles. However, another source states that their vehicle was not registered in Korea, and that a local insurer is required for registration.

US companies can insure cars that aren't registered in South Korea

In South Korea, it is mandatory for all vehicles with an engine capacity of 50cc or more to be insured. Auto insurance policies are issued when you register your vehicle and must be renewed annually when your vehicle undergoes its yearly inspection.

It is possible to purchase auto insurance from companies approved by the Korean government, including some foreign and US companies. However, it is unclear whether these companies can provide insurance for vehicles that are not registered in South Korea. One source suggests that US companies can only insure unregistered vehicles, while another states that insurance is issued upon registration.

Some popular insurers in Seoul include Kyobo AXA Automobile Insurance, Kyowon Nara Automobile Insurance, AIG Korea, Daum Direct Auto Insurance, and LIG Insurance Company. Auto insurance typically costs between 15,000 and 50,000 won per month, depending on the desired coverage. While most insurers have English-speaking representatives, AIG is the only company with an English website.

It is worth noting that insurance companies in Korea accept drivers' insurance records from other countries, and premiums are lower for drivers with a "no accident" record. To benefit from this, drivers must submit their previous insurance certificates in English when applying for a new policy in Korea. Additionally, foreign residents in Korea can obtain car insurance in a foreign currency, with all documents in English and payments made in US dollars.

Foreigners in South Korea can get car insurance in a foreign currency

All vehicles in South Korea are required to have insurance. Foreigners in South Korea can get car insurance in a foreign currency, specifically US dollars. This type of insurance is only available to foreigners living in Korea and working for companies with links to non-Korean authorities. All insurance documents are in English.

There are several types of car insurance in South Korea: third-party liability insurance, which is the minimum legal requirement for drivers; comprehensive insurance, which covers a wider range of accidents and financial cover; and driver insurance, which covers driver compensation and includes injury, fines, and consent in the event of an accident.

Insurance companies in South Korea accept drivers' insurance records from other countries, and premiums are lower if drivers can prove a "no accident" record. To benefit from this, drivers must submit their previous insurance certificate in English when applying for a new policy.

AXA is a recommended car insurance company for foreigners in South Korea, as their comprehensive insurance website is entirely in English. They also provide a hotline for English speakers that provides accident reports and emergency assistance, as well as a quick and easy mobile service for accident reports.

When renting a car in South Korea, foreigners will need an International Driving Permit (IDP) in addition to their regular driving license. It is important to obtain this before arriving in South Korea, as it is not possible to apply for one while in the country.

When insuring a vehicle in South Korea, it is necessary to carry proof of insurance at all times. In the event of an accident, the incident must be reported to the police and the insurance company, and an insurance claim form should be completed to initiate compensation procedures. The accident is then investigated by the insurance company, and both parties must agree on the outcome. Finally, an insurance payment or settlement fee is awarded.

English-speaking representatives are available at some Korean insurance companies

When it comes to auto insurance in South Korea, there are a few options available for English speakers. It is important to note that all vehicles in Korea are required to have vehicle insurance, and proof of insurance must be carried at all times. While some American companies provide insurance for cars in South Korea, local insurance is typically needed to register a vehicle.

Some Korean insurance companies that offer car insurance and have English-speaking representatives include:

• AIG: A well-known company that offers money-saving auto insurance coverage, in addition to major insurance companies like Samsung, Dongbu, Hanwha, and Hyundai.
• AXA Direct Insurance: An international insurance company that provides asset management, financial and insurance services.
• ERGO DAUM Direct Auto Insurance: Offering car insurance for individual or corporate consultations.
• Expat Insurance in Korea: This company has multiple English-speaking agents, including Victoria Han, Carrie Park, Mr. Bik, Kelly Park, John Jeon, and Brian H. Shin, who can assist with auto insurance, health insurance, fire insurance, and more.
• Chartis Auto Insurance: An online platform that offers tailored car insurance for expats at competitive prices and with convenient services.
• Samsung Insurance for Foreign Residents: Provides a range of insurance options for expats in Korea, with an English line available.

In addition to these companies, it is worth noting that insurance companies in Korea accept drivers' insurance records from other countries. Lower insurance premiums are often available for drivers who can prove a "no accident" record by submitting their previous insurance certificate in English. This allows expats to benefit from their safe driving history even when obtaining local insurance in South Korea.

Some US military in Korea get insurance through USAA

Many US military personnel in South Korea have their vehicles insured through USAA, an American banking and insurance company. USAA offers some of the lowest car insurance prices in the US, with average annual premiums ranging from $432 to $2,002. The company also provides insurance to military members and their families stationed outside of the US, including in South Korea.

USAA offers a variety of benefits and discounts to its members, including savings for bundling multiple types of insurance policies, good grades for full-time student drivers, safe driving records, and more. In addition to insurance, USAA provides roadside assistance services such as towing, jump starts, flat tire service, and fuel delivery.

While USAA does not have a 24-hour hotline for active-duty military personnel stationed overseas, it does offer a reimbursement for towing services. Some military members have expressed frustration with the lack of a dedicated hotline and the difficulty of reaching USAA for time-sensitive issues while stationed in South Korea.

USAA has a robust history, having been founded in 1922 by 25 Army officers who joined forces to insure each other's automobiles. Over the years, the company has expanded its membership to include various branches of the military, veterans, and their families. Today, USAA serves millions of members worldwide and offers a range of financial services in addition to insurance.

Vehicle insurance is mandatory in South Korea

Comprehensive insurance, or "Jong hap bo hum", is optional and provides broader accident and financial coverage. Driver insurance, or "Un jun ja bo hum", is also optional and covers driver compensation in the event of an injury, fines, and consent in the event of an accident.

When renting a car in South Korea, Collision Damage Waiver (CDW) insurance is typically offered as an add-on. CDW insurance covers the cost of damages to the rental car, which can be expensive without this coverage. Other types of insurance that may be offered include Supplemental Liability Insurance (SLI) or Third-Party Liability (TPL) insurance, Personal Accident Insurance (PAI), and Personal Effects Coverage (PEC).

AXA Korea is one example of an insurance company that offers car insurance in South Korea. They provide various packages tailored to different needs, such as the 'First Car' package designed for first-time drivers concerned about accidents and the 'Family Oriented' package that offers coverage for families at a reasonable price.

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