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Car Rental Booking

Car Rental Guide
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Waiver Insurance Guide

 

Standardized Agreement for Insurance

Baseline rates for car rentals include the basic general insurance. However, the risk of damage to or theft of the car is not included in the coverage. Instead, renters can arrange for this independently or purchase an optional insurance or protection plan from the rental company, including coverage for an additional driver. Any damages to the vehicle will be covered by the insurance policy, but the renter will still be contractually liable to compensate the rental company for the loss of use (unavailability of a rental car and consequent loss of revenue by the rental company due to damage or theft). The per-day loss-of-use charge is calculated as 50% of the car's daily rental fee. For instance, if a damaged vehicle with a daily rental rate of 50,000 KRW takes three days to repair (50,000 x 3 = 150,000), the renter must pay a 75,000 won (50% of 150,000) loss-of-use fee.

General disclaimer
※ For general exemption, in the event of an accident, customer deductible within the limit of liability (3 million won for small/small/medium vehicles, KRW 4,000,000 for other vehicles) - Insurance that incurs a deductible of KRW 300,000 to KRW 500,000 and a stoppage compensation fee (50% of the daily rental fee)
※ Excluding tires, wheels, and consumables
▷ Compact/compact/medium vehicles: Deductible of 300,000 won and separate compensation for suspension of driving within the limit of KRW 3,000,000 
▷ Luxury/SUV/Electric: Deductible of 400,000 won within the limit of KWR 4,000,000 and a separate charge for idle time
▷ Income: Deductible of KRW 500,000 within the limit of exemption of 4,000,000 KRW
 
General Exemption Conditions
▷ 26 years old +
▷ More than 1 year of driving experience
 
Advanced disclaimer
※ Full exemption is insurance that does not incur customer deductibles within the limit of liability ( KRW 3,000,000 for small/small/medium vehicles, KRW 4,000,000 for other vehicles) in the event of an accident.
※ Excluding tires, wheels, and consumables
▷ Compact/compact/medium vehicles: KRW 3,000,000 exemption limit
▷ Luxury · SUV · Electric · Income: Deductible limit of KRW 4,000,000
 
Advanced Exemption Condition
▷ 26 years old +
▷ More than 2 year of driving experience