KB Insurance Introduces Eco-Friendly Auto Insurance Riders Including Step Count Discount

On the 14th, KB Insurance announced the launch of eco-friendly auto insurance products, including special contracts related to electric vehicles and a step count discount special contract, to practice ESG (Environmental, Social, and Governance) management.

[Asia Economy Reporter Oh Hyung-gil] KB Insurance announced on the 14th that it has launched eco-friendly auto insurance products, including special clauses related to electric vehicles and a step count discount clause, to practice ESG (Environmental, Social, and Governance) management.

In cases where the electric vehicle battery is damaged and requires a full replacement, the existing policy paid insurance benefits by applying depreciation to the price of the new battery under the own vehicle damage coverage. As a result, consumers had the burden of paying the amount corresponding to the depreciation directly in the event of battery damage.

The newly launched Electric Vehicle Battery New Price Compensation Special Clause covers the amount corresponding to the depreciation that consumers previously had to bear, allowing consumers to replace the battery with a new one without any personal expense.

Additionally, KB Insurance introduced the Electric Vehicle Own Bodily Injury Compensation Special Clause, which covers injuries to the insured caused by electric shock or fire accidents that may occur during electric vehicle charging. While existing auto insurance only covered fire accidents occurring while inside the vehicle, this special clause provides coverage for electric shock or fire accidents occurring during charging even when the insured is not inside the vehicle.

A healthcare-type eco-friendly special clause called the Step Count Discount Special Clause was also newly established. For policyholders with named insured only or couple-limited special clauses, if they achieve more than 5,000 steps per day on at least 50 days within 90 days from the insurance application date using a step count measurement program recognized by the insurer, they will receive a 3% discount on their auto insurance premium.

This is expected to replace the Public Transportation Usage Discount Special Clause, which provided discounts based on public transportation usage amid the increase in remote work due to the spread of COVID-19.

KB Insurance also introduced the "Email (Insurance Policy Paper Receipt Type) Special Clause," which allows policyholders to receive terms and guidance materials digitally via mobile devices, while only the insurance policy itself is received in paper form.

Kim Min-ki, Executive Director of the Auto Insurance Division at KB Insurance, said, "As ESG management for sustainable growth is emphasized, we have promoted the development of eco-friendly products. We will continue to develop insurance products that reflect customer needs and ESG factors."

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