It is compulsory in South Korea for any vehicle with a motor of 50cc or over to be insured with auto insurance. Auto insurance policies are issued when you register your vehicle and are valid for one year – to be renewed when you get your vehicle inspected each year. You can purchase auto insurance from companies that have been approved by the Korean government, including foreign companies from the United States and elsewhere. Here are some of the most popular insurers in Seoul:
Kyobo AXA Automobile Insurance: http://www.kyobodirect.co.kr/
Kyowon Nara Automobile Insurance: http://www.educar.co.kr/
AIG Korea: 794-7414 in Itaewon-dong (Yongsan-gu) http://www.usfkclassifieds.com/index/listings/page1866.htm
Daum Direct Auto Insurance: http://www.ergodaumdirect.co.kr/
LIG Insurance Company: http://www.lig.co.kr/
Auto insurance will usually cost anywhere between 15,000 won and 50,000 won a month, depending on what kind of coverage you want. While most insurance companies have English speaking representatives, only the AIG website is in English. If you want to shop around for quotes, it’s best to have a Korean friend or coworker help you with the websites. Most expats report paying around $400.00 USD per year for auto insurance