[Become an Insurance Insider] Does Buying from a Car Insurance Agent Mean You're a 'Hogang' Customer?

[Editor's Note] Difficult insurance, a clear explanation of insurance that remains confusing even after listening to explanations. There is no bad insurance in the world, only insurance that doesn't suit you. If you follow easy-to-understand insurance explanations, the path to becoming an 'insurance insider' is not far away.

[Asia Economy Reporter Oh Hyungil] Last year, Jo Sangsoo (29), who bought his first car, purchased car insurance costing just over 1 million won through an agent known to his parents. When he looked into renewing his insurance this year, the quotes from other insurance companies differed by as much as 400,000 won. The insurance premiums he found online were even cheaper than that.

Jo said, "I never dreamed there would be such a price difference," adding, "I feel somewhat uneasy about signing up online, but I wonder if I can trust online insurance. On the other hand, I think that if an accident happens, an agent can handle it in the middle."

This year, car insurance premiums have increased once. As premiums continue to rise day by day following last year, more drivers who want to save every penny are choosing 'direct' insurance. Does signing up for car insurance through an agent make you a 'hogang' (a combination of 'sucker' and 'customer')?

According to the insurance industry on the 1st, most insurance experts advise that it is advantageous to compare quotes from multiple direct insurers before signing up.

One agent said, "It's cheaper than getting all the agent commissions back offline," adding, "Many agents themselves sign up for direct insurance for their own cars."

The insurance industry estimates that direct insurance premiums are about 15% to up to 30% cheaper than offline. This is because the agent distribution stage is omitted, which lowers the premiums accordingly.

In the case of Samsung Fire & Marine Insurance, as of the first half of last year, offline sales business expenses reached 317.5 billion won, while online (CM) sales business expenses were only 59 billion won.

The basic items that must be signed up for when purchasing direct insurance include liability coverage for others such as Bodily Injury Liability 1 and 2, and Property Damage Liability. For oneself or family, items such as Personal Injury Protection and Medical Coverage are included.

Bodily Injury Liability is mandatory, and there is little difference in Property Damage Liability among insurance companies.

Personal Injury Protection covers full treatment within the coverage limit, loss of income, and compensation for damages, whereas Self-Body Accident only benefits treatment costs. Additionally, uninsured motorist coverage and emergency roadside assistance are considered essential items.

Besides these, it is advised to carefully check additional discount items such as mileage discounts, black box discounts, child discounts, preferential treatment for low-income groups, T-map safe driving scores, lane departure warning systems, forward collision prevention devices, and electric vehicle discounts.

This content was produced with the assistance of AI translation services.