Repairing an imported car can cost more than the insurance payout for a traffic death, a lawmaker said Sunday.
As of 2011, the average compensation for traffic fatalities was W103.25 million (US$1=W1,072). But the cost of 43 imported car repair claims submitted to insurance companies over the past three years exceeded this amount, Lee Woo-keun of the National Assembly's Land and Transport Committee said.
According to data the Korea Insurance Development Institute submitted to Lee, the most expensive repair was for a Ferrari last November and stood at W464.87 million, 4.5 times the average compensation for traffic fatalities.
The repair cost for one Mercedes-Benz was estimated at W433.55 million in September 2010, 1.6 times more than the price of a new SLS AMG Roadster, the most expensive Mercedes-Benz sold in Korea.
Some 750,000 imported cars were registered in the country last year. Total repair claims for imported cars amounted to W827 billion.
Lee called for measures to reduce the "preposterous" cost of repairing imported cars.