In order to protect the member and the counterpart from any accident that may occur during use of a SOCAR automobile, SOCAR has purchased comprehensive automobile insurance, for all of its automobiles, that covers personal injury/counterparty injury/material damage.
In addition, apart from the comprehensive automobile insurance, we operate the SOCAR Automobile Damage Waiver System to reduce your burden concerning damage to SOCAR automobiles.
The Automobile Damage Waiver Product is mandatory when signing a rental contract with SOCAR, and you can choose your own limit of deductibles for each service.
■ Coverage per Product
| Deductible | Up to KRW 700,000 | Up to KRW 300,000 | Up to KRW 50,000 | None |
| Comprehensive automobile insurance | O | O | O | O |
| Automobile Damage Waiver System | O | O | O | O |
| AXA driver’s license | X | X | O | O |
| Towing service | X | X | X | O |
■ Comprehensive Automobile Insurance
All the automobiles of SOCAR are covered under the comprehensive automobile insurance that covers personal injury/counterparty injury/material damage, and the scope of coverage shall be as the following:
| Category |
Personal injury (Injuries to the driver) |
Counterparty injury (Injuries to the counterparty of the accident) |
Material damage (Material damage to the property of the counterparty of the accident) |
| Coverage limit | KRW 15 million | No limit | KRW 100 million |
■ Automobile Damage Waiver System
- The waiver product you selected when signing the rental contract determines the maximum amount you have to pay for (deductibles) for repairs to the SOCAR vehicle in the event of an accident.
- Even if the cost of repairing the vehicle exceeds your deductible, you will only have to pay such amount of your deductible as determined by your selected product (If the cost is less than your deductible, you have to pay the actual cost.)
- The Automobile Damage Waiver System covers the cost of repairing the vehicle and the compensation fee for operating loss arising from suspending the operation of the vehicle, but not the cost of roadside assistance, towing, rescue, etc.
- Since the waiver products and waiver premiums may vary depending on the services provided by SOCAR, region, vehicle type, rental period, and member characteristics, please be sure to check when signing the rental contract.
■ AXA Driver’s Insurance
Depending on the waiver product you select, we provide AXA driver’s insurance of AXA General Insurance Co., Ltd. as an add-on as well as comprehensive automobile insurance, Automobile Damage Waiver System.
☞ See AXA Driver's Insurance
■ Towing Service after an Accident
Depending on the waiver product you select, we provide towing/rescue services from our partner company in the event of an accident (excluding private towing).
■ Please Note the Following:
※ An accident not reported within the reservation period shall not be covered under the waiver system.
※ Even if you have purchased the Automobile Damage Waiver Product, the Automobile Damage Wavier System shall not apply if you are found to have been engaged in any act subject to Article 5 of the Automobile Damage Waiver System Terms and Conditions, and you will be charged the full amount of the accident processing fee and the operating loss compensation fee. as well as the cost of damages. Please note that you may also be subject to legal prosecution and suspension of use.
☞ See SOCAR Automobile Damage Waiver System Terms and Conditions
※ The use and insurance of automobiles serviced by SOCAR are subject to the SOCAR Terms of Use, SOCAR Automobile Rental Terms and Conditions, and Automobile Damage Waiver Systerm Terms and Conditions. Please be sure to read them before making a reservation.