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❤️What is the difference between Mandatory Insurance and Comprehensive Insurance?
Mandatory Insurance (Compulsory Insurance): Mandatory insurance in South Korea typically refers to the legally required insurance coverage that individuals or entities must have in order to comply with the law. In the context of driving, mandatory insurance usually refers to "Compulsory Automobile Liability Insurance" (CALI), commonly known as "Third Party Liability Insurance". This type of insurance covers bodily injury or property damage that you cause to others while driving your vehicle. It's a basic requirement for all registered vehicles in Korea.
Comprehensive Insurance: Comprehensive insurance in South Korea, goes beyond the coverage provided by mandatory insurance. Comprehensive insurance covers not only the third-party liability (like mandatory insurance) but also provides coverage for damages to your own vehicle due to accidents, theft, fire, natural disasters, and other events depending on the policy. It's a more comprehensive coverage option that can give you greater peace of mind, especially if you're concerned about potential damage to your own vehicle.
In summary, the main difference lies in the scope of coverage.
Mandatory Insurance (CALI): Covers liability for injuries or damages you cause to others, and up to only 20 million won.
Comprehensive Insurance: Extends coverage to include damages to your own vehicle and more extensive coverage options, 300 million won.
I always recommend “Comprehensive Insurance” and as you take “Direct Comprehensive Insurance”, you can save about 15% but it is only possible to take 1 year insurance.