Vehicle Purchase & Insurance

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Information as of 21 Feb, 2017

Automobile insurance

All foreigners, including citizens, military, diplomats, consulates, and foreign corporations can be insured. 
There are quite a few auto insurance companies

Check the links below for more information. 

AIG General Insurance
  • Tel. +82-2-1544-2792
MG Non-life Insurance
  • Tel. +82-2-1644-0114
LIG Insurance
  • Tel. +82-2-1544-0114
Samsung Fire Insurance Co.
  • Tel. +82-2-1588-5114
Hyundai Marine & Fire Insurance Co.
  • Tel. +82-2-1588-5656
Hanwha General Insurance Co., Ltd.
  • Tel. +82-2-1566-8000

Automobile test

All drivers are required by law to take their vehicles in for regular checkups. Non-commercial automobiles are required to have a comprehensive automobile checkup from the 4th year of use and a regular checkup every 2 years. This checkup should be done at least 31 days before the expiration date. The penalty fine starts to accumulate 30 days after your initial 30–day period. 20,000 KRW will be charged after the registration date. From that point on, an additional 10,000 KRW will be charged every two days. The maximum penalty is 300,000 KRW. However, if this regular checkup cannot be done within a specified period due to unavoidable circumstances, citizens can apply to postpone the checkup. The automobile checkup can be done at the Road Traffic Authority or at a designated private repair shop. In certain circumstances, such as long-term repair requirements due to car accidents, etc., you can apply for a deferment of the test. Regular automobile tests can be taken at Road Traffic Safety Authority or test locations from authorized private repair centers. In addition, automobiles, which are registered in an area, are required to have an exhaust gas checkup, and the effective period and method of the checkup and penalty fines imposed are the same as those for a regular automobile checkup.


Disposal

The owner of a automobile can dispose their car at any registered junkyard with an automobile registration card and ID. If using a proxy (disposal agency) and not a registered junk yard, a certificate of the owner’s seal stamp of the automobile owner is required as well.

Required documents
  • Certificate of vehicle registration.
  • A copy of the vehicle’s original registration that has been issued within the last three days.
  • A certificate of ownership with the owner’s seal stamp.
  • You must also present your Alien Registration Card.
Disposal procedure

The time taken for disposing of an automobile is 5-10 min. After disposing an automobile at a registered junk yard, get an automobile disposal certificate.

※ If an automobile is disposed at an unregistered junk yard, a certificate of automobile disposal cannot be obtained. If some accidents occur to the automobile  after the disposal, the liability will be on the owner of the vehicle, so a registered junk yard must be used.

Impossible to dispose an automobile

  • A mortgage is set or sequestration is imposed.
  • Disposable if an interested party submits a cancellation certificate and a certificate of the owner’s seal stamp. 
  • Disposable if an automobile registration government office submits a request for automobile disposal. 
  • An automobile cannot be disposed it the registered details of an automobile, such as a vehicle identification number, differs from the details in the vehicle registration record.