hey,
anyone got any info regarding auto insurance?
does US companies cover Korea? or are there local insurance companies?
I saw that IOT to register vehicle here, must have insurance.

any info will be thankful!

Thanks

ps. I guess the key word i forgot to include is "CHEAP"

Compulsory Auto Liability Insurance (CALI) is required, except for Mopeds. USAA and some other US companies are available. Cost is often less than in the US for similar coverage.
Like in the U.S., it is better to settle on the spot for a fender-bender, to prevent reporting to your insurance company and subsequent increase in premiums. Depending on whether or not you are under USFK, you should call the MPs. They will have a Translator to get down your side of the story.
If there is serious injury or death, get an English speaking lawyer before you are detained ASAP in an effort to make an immediate settlement and register any relative witnesses. Call the U.S. Embassy if you are not under USFK.

You will get lots of varying advice on what to do if an accident occurs.
My source is "Focus on Living in Seoul", A paperback by the American Chamber of Commerce in Korea. Website http://www.amchamkorea.org
Telephone (82-2)564-2040.
Generally, it seems that the Foreigner is always at fault, no matter what. So it is imperative that you get bi-lingual help ASAP. A Cell phone and a Korean friend who understands English well is a great comfort in an accident. Be prepared.

My personal thoughts- There is sufficient transportation available in Korea that you do not need a car. For most people, who do not speak Korean and will only be here for one year, don't drive off post unless you must. With the cost of gas, insurance and for peace of mind, it will be much cheaper. The bus is the fastest. Learn the bus numbers and the subway stops. One card works for both. Go for it!

USAA costs me $10 a month for liability. They do have local places, but usually cost more...

__________________
CH-47 SI

They must find it difficult...

Those who have taken authority as the truth, rather than truth as the authority. --Gerald Massey

We have AIG but they are more expensive than USAA. We paid $400 for one year or 33/month. We wanted insurance right away (AIG is right outside our gate) and when we received the paperwork to get insurance the USAA offices weren't open for new policies and we were unable to set it up online because our car model wasn't listed online. So after 10 months of not having a car we were impatient and went the convenient route. That said we will be switching to USAA when this policy expires.

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Have a Blessed Day!

Michelle

Compare prices before buying-always a good rule. I am a USAA member for over 45 years, and no accidents in 6 years driving in Korea. Some folks with less experience, a driver under 25 and/or accidents on their record may NOT save with USAA. Two friends recently left USAA for AIG when they had minor accidents and rates were raised. Don't forget to get renters insurance also, if you live off post.

Does not have to be off post..I have renters insurance for my on-post housing. I also had it for my off post.

__________________
CH-47 SI

They must find it difficult...

Those who have taken authority as the truth, rather than truth as the authority. --Gerald Massey

Regarding USAA and renter's insurance...

Around seven years ago, I sold my house in the States and PCSed to Korea. Of course, I cancelled the insurance coverage.

I bought a house in the States a few years ago after being in Korea for five years. I called up good 'ol USAA to get insurance, and much to my surprise, USAA said it couldn't cover me. Said the house is in an area prone to hurricanes.

Needless to say, I was very upset. I have had USAA auto insurance for over twenty years and never had a single claim.

They said if I was still active duty, they would insure me. But I had retired. Also, I should have gotten a renter's policy when I went to Korea. By not doing so, I did not show loyalty to USAA (their exact words).

So even if you don't own a house in the States, but plan on buying one someday and want to keep your insurance with USAA ~ get a renter's policy.

Good info from Wlly!
A bit of background- USAA used to be only for Military Officers and their families. They grew and prospered and move into many states and overseas. Some states came up with a rule that in order to sell insurance in their state, you can't discriminate. This meant that, like in SC for instance, USAA had to insure a really diverse group of individuals. This naturally caused rates to eventually go up, being forced to insure riskier people with higher accident records,etc. Then came the hurricanes in the South and lots of payouts and losses. The company held up well, but, as all companies, had to do something to prevent losing so much that the bottom line would be in danger. So, like all companies, they had to refuse risky coverage, or increase premiums greatly to keep in business. Oldtime members, then, are/were favored, and reliable drivers, were rewarded with being allowed to continue service. Active Duty folks have always been the priority. As for adding new members owning some riskier properties, and older houses, something had to be done. It makes good business sense.

I agree it makes good business sense...but we're not talking about State Farm or Allstate ~ this is USAA...the company that has touted itself for generations as THE company that has always stood behind the US service member.

And when you've been a loyal customer for over twenty years and never made a single claim and eventually retire from the military...it's a bitter pill to swallow when they tell you that they will not insure your house, but they will insure the young E-4's house a couple of doors down from yours - someone who hasn't even been with USAA for a year - because he's active duty and you're retired.

They questioned my loyalty because I didn't pick up a renter's policy while assigned overseas. I say loyalty has to go both ways.

I was very fortunate because I was able to get insurance through AAA at a very reasonable rate (same low rate that USAA would have charged me). That's because of my credit history (surprisingly, the insurance company uses that as a key descriminator) and the newness of my home. But a lot of retirees aren't as fortunate as me and end up having to pay three or four times the rate I pay because they have to get insurance through a special state funded program or a "last resort" insurance company.

I had a couple of long talks with USAA about this and let them know under no uncertain terms that dumping customers who have been with them for all their adult lives - customers who have never made a claim or done anything wrong - is dirty business.

I used to do everything with USAA: banking, loans, insurance, etc., etc. But I severed all ties with them after the home owners insurance denial.

And now the last laugh is on them in some states ~ where the state says you are not allowed to cherry pick customers: you either insure everyone or you don't get to insure anyone.

This is what is happening at ALL insurance companies, they are checking your creidt now to see if you are insurance worthy.....

Another resaon I harp on my youngre Soldiers to have good credit....

__________________
CH-47 SI

They must find it difficult...

Those who have taken authority as the truth, rather than truth as the authority. --Gerald Massey