Can foreigners buy car insurance in Korea? What determines the premium?
I am from Thailand, just got a Korean driver's license, and am about to buy a used car. Can foreigners get mandatory auto insurance here, and which insurers are more foreigner-friendly?
Does my driving record from Thailand affect the premium, and roughly how much should I expect to pay for the first year as a new driver in Korea?
1 Answer
Foreigners can buy auto insurance in Korea, and liability insurance is mandatory. With an ARC and a Korean driver's license you can sign up with major insurers like Samsung Fire, DB Insurance, Hyundai Marine, or KB Insurance, and while online direct is possible, going through phone or an agent is often easier for foreigners because of document checks. The premium is set by the driver's age, the car, accident history, and insurance tenure, and the key issue is that without prior insurance history in Korea, your first year is classed as no experience and is loaded higher. Unfortunately your driving record from Thailand usually is not directly reflected, but some insurers will partially recognize it if you submit an English no-claims certificate from your home insurer stating your accident-free period, so ask before signing up. For a used compact car, expect roughly 800,000 to 1,500,000 won for the first year, though it varies a lot with the car and your age.