It is a type of security for the auto insurance that pays for the insured against any damages resulting in the loss of property, destruction, or the damage of another’s property by the auto accident caused during the term of the ownership, use and, the management of the vehicle.
It is an accident in which a vehicle is stolen and is not recovered within 30 days from when it was reported to the police, resulting in the handling of the auto insurance. (This handling is available only if you subscribe to an auto insurance to cover for your own vehicle’s damage.)
This is an accident in which the amount of the insurance coverage to be paid has not yet been determined because the handling of the accident is not completed after the insurance company has begun the handling of the auto accident.
It is an amount paid by the insurance company with the exclusion of the deductible and the error compensation in the case of an insurance accident occurring in an automotive insurance.
If a vehicle is damaged due to an auto accident, it is the direct cost of repairing the car such as components, labor, and painting, with the exclusion of any indirect damages such as auto transportation cost and rental fee and any error compensation, among others.
It is the history of the insurance accidents for which the car owner was rewarded with the insurance of the damage of the own vehicle when the accident occurred against the car of the auto insurance for which the owner has subscribed.
"It is a type of security for the auto insurance that pays for any damages incurred directly against the vehicle caused by the following accidents while owning, using and managing the vehicle.
- Damages caused by collision, contact, falling, roll over with other vehicles or other objects, or by flooding of the vehicle
- Damages caused by fire, explosion, lightning, flying object, or any falling object
- Damages caused by theft of the whole vehicle"
It is the total loss, theft, and the flood damage accidents that are the auto accidents that have a special effect on the vehicle’s quality among the auto accident records under which the insurance claims were paid for out of the auto insurance.
It is a general information of the vehicle, such as the manufacturer, name of vehicle, model year, displacement, and the fuel used.
As the classification of the use of the vehicle, classification are largely made into the non-business use (private use), business use (business use) and the diplomatic use, whereas the non-business use is further classified into the private use and the public use, the business use is classified into the general business use and the rental business (rental car).
If the repair cost of the damaged car has exceeded what is recognized as an appropriate vehicle value by the insurance company (if it is covered by the insurance of the own vehicle damage insurance, the amount of the car insurance claim would be based on the latest vehicle standard value determined by the Korea Insurance Development Institute at the time of the accident, and in the case of coverage by the third party’s damage liability, it would be based on the market value at the time of occurrence of an accident) as an estimated loss, and if the damaged vehicle can not be repaired, and even if the vehicle is reparable, it may not function as a vehicle, it is an accident for which the insurance covers the compensation.
As a classification of vehicle, it is classified into the passenger use, passenger van, cargo, and special use.
It is the case in which the water enters into the vehicle while it is under the operation and the engine turns off, or the case in which the water enters into the engine whereby the operation of the vehicle becomes unfeasible while the vehicle is parked, resulting in the damages against the vehicle (only available if the vehicle is insured for own damages).
It is the case of an auto accident history in which the owner's vehicle was compensated by the third party’s third party liability insurance among the third party liability insurances in the event of an accident involving a third party’s vehicle (coverage provided to compensate for the damages incurred against another’s property resulting in the loss of or damage to another’s property).
This is an accident record in which the owner's vehicle is insured by the owner's own liability insurance for damaging another’s property (such as a car, building, street lamp, or a bicycle, among others).
Vehicles are produced with each unique number assigned to each vehicle. In Korea, it is called "Cha-dae-beon-ho" and in English, it is called V.I.N. (Vehicle Identification Number), or a number to identify a vehicle.
It is a universally accepted code across the world to prevent car thefts and smuggling with a unique identification number engraved on the skeleton (i.e., chassis) of each vehicle. That is, it is a combination of the 17 alphanumeric characters to distinguish it from the vehicles of any country in the world. To this end, it is stamped on the dash panel, under the driver's seat, under the passenger seats, and in the engine room, among others, to disable forgery or modification.
The license plate number inscribed on the license plate can be changed at any time during the registration of the vehicle, so there is a limit to perfectly specifying each vehicle. On the other hand, the chassis number does not change unless the chassis, the skeleton of the vehicle, is changed.
It is the cost of repairing a damaged vehicle to its original condition, before the cost of additional repairs, driver's failure rate, and insurance reimbursement, among others, are reflected.
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