Heungkuk Fire & Marine Insurance expands auto insurance mileage discounts

Heungkuk Fire & Marine Insurance has announced a restructuring of its automobile insurance mileage discount special contract, offering discounts of up to 48% to reduce the financial burden on low-risk drivers.

The revised system refines discount rates based on vehicle type and specific mileage intervals. For drivers traveling under 1,000 km annually, the discount has increased from a flat 45% to 48% for medium-to-large and multi-passenger vehicles, and 47% for small vehicles. Other intervals, such as 1,000–2,000 km and 2,000–3,000 km, also feature increased rates tailored to vehicle size and loss ratios.

Additionally, the company has expanded discounts for higher mileage segments, providing up to an 18% discount for those driving between 10,000 and 12,000 km. This follows previous initiatives by the Taekwang Group subsidiary to incorporate diverse lifestyle factors into insurance pricing, including public transportation usage, child presence (Baby in car), and black box installations.