Bicycle Insurance Enrollment for Yongsan Residents... Up to 30 Million KRW Support

From August 1, Compensation for Death, Disability, Injury, and Hospitalization Allowance in Bicycle Accidents for One Year

[Asia Economy Reporter Park Jong-il] According to data from the Korea Road Traffic Authority, the number of bicycle accidents in South Korea in 2019 was 13,157, an increase of 1,217 cases (10.2%) compared to 11,940 cases in 2018.

However, public awareness of bicycle insurance is not very high. Many do not feel the necessity or express concerns about the financial burden.

Yongsan-gu (District Mayor Seong Jang-hyun) has enrolled all residents in bicycle insurance to contribute to the promotion of bicycle use.

This is in accordance with Article 15 (Bicycle Insurance) of the Seoul Yongsan-gu Ordinance on the Promotion of Bicycle Use.

The contract period is one year from August 1, 2020, to July 31, 2021, and all Yongsan-gu residents (including foreign registrants) can enjoy insurance benefits for bicycle accidents "365 days," "24 hours," and "anywhere nationwide."

The coverage includes ▲death consolation money (KRW 10 million, excluding those under 15) ▲disability consolation money (KRW 10 million) ▲injury consolation money (KRW 300,000 to 700,000) ▲hospitalization consolation money (KRW 200,000 additional payment for diagnosis over 4 weeks and hospitalization over 7 days) ▲fines (up to KRW 20 million, excluding those under 14) ▲attorney fees (up to KRW 2 million, excluding those under 14) ▲traffic accident handling costs (up to KRW 30 million, excluding those under 14).

Those wishing to receive insurance payments should contact the insurance company (DB Insurance) directly. After review, the insurer will deposit the insurance money into the insured person's bank account.

The district also amended related ordinances in May to facilitate the insurance contract. The insurance subscription cost is KRW 84 million, with a per capita subscription fee of KRW 392 for those aged 15 and over and KRW 250 for those under 14.

In addition to enrolling residents in bicycle insurance, the district plans to contribute to promoting bicycle use through maintenance of bicycle roads and facilities, and operation of bicycle mobile repair centers.

Seong Jang-hyun, Mayor of Yongsan-gu, said, “As the use of not only personal bicycles but also Seoul-style public bicycles, Dareungi, has greatly increased recently, we hastened to enroll residents in bicycle insurance,” adding, “Residents will be able to use bicycles with greater peace of mind.”

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