DB·AXA Launch Pet Accident Consolation Payment Rider for Car Insurance

Compensation of 500,000 to 1,000,000 KRW for Comfort Money in Vehicle-to-Vehicle Accidents

DB Insurance and AXA Insurance announced on the 26th that they have launched a ‘Pet Traffic Accident Consolation Payment’ rider. This product was designed to prepare for cases where pets riding in a car die or get injured in a traffic accident, as the number of households raising pets increases.

Both products allow up to three pets registered in the Animal Protection Management System (APMS) to be covered. If a pet riding in a private car is injured in a car-to-car accident, up to 500,000 KRW can be paid, and in case of death, up to 1,000,000 KRW can be compensated.

In existing auto insurance, compensation was often not possible when pets riding in the vehicle died or were injured in an accident. Legally, pets are considered property, so if the other party is at fault, compensation was limited and regarded as property damage according to the degree of fault, but if the accident was caused by the driver’s own fault, no compensation could be received.

A DB Insurance official stated, “If drivers who use private cars with their pets want to prepare for pet-related damages, it is advisable to subscribe to a dedicated rider.”

An AXA Insurance official said, “For households raising pets, it is worth paying attention to the rider that provides consolation payments in case of traffic accidents involving pet dogs and cats, who are like family.”

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