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Auto Insurance Premiums to Rise over 3%

Write: 2019-01-13 14:15:16Update: 2019-01-13 14:19:58

Auto Insurance Premiums to Rise over 3%

Photo : YONHAP News

Car insurance premiums will rise over three percent from this week.

The nation's two major insurance companies, Hyundai Marine & Fire and DB Insurance, said they will raise their insurance premiums for private cars by three-point-nine percent and three-point-five percent, respectively on Wednesday.

KB Insurance will raise its premiums by an average of three-and-a-half percent on Saturday and Samsung Fire and Marine Insurance will increase by three percent at the end of this month.

The two firms are reportedly taking the position that the hikes are inevitable and reflect the rise in car maintenance costs, citing a two-point-nine percent hike in the optimum maintenance costs by the Transport Ministry last year.

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