May 28, 2020 08:36
Hit-and-run or drunk drivers will be legally liable for up to W154 million in damages even if they have insurance (US$1=W1,236).
The Financial Supervisory Service on Wednesday said it has revised regulations on car insurance policies accordingly, which will take effective as of June 1.
The FSC said that the revision aims to ensure fairness by preventing average insurance premiums from going up due to payouts for hit-and-run or drunk-driving accidents.
Up until now personal liability was capped at just W4 million.
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