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 It is fixed and applied as the product with the widest deduction range.
■ Coverage per Product
| Deductible | None |
| Comprehensive automobile insurance | O |
| Automobile Damage Waiver System | O |
| AXA driver’s license | O |
| Towing service | 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
- Even if the cost of vehicle repairs exceeds the deductible, you will not be responsible for more than the amount specified by the chosen liability waiver.
- 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.
■ Towing Service after an Accident
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 Automobile Rental Terms and Conditions and
Automobile Damage Waiver Systerm Terms and Conditions.
Please be sure to read them before making a reservation.