News

Activation of KCAP ‘starts’… Financial Supervisory Service revises insurance terms and conditions

According to the financial authorities on the 1st, the Financial Supervisory Service revised the Insurance Business
Reduce automobile repair costs with quality-certified parts recognized by the Ministry of Land, Infrastructure and Transport

According to the FSS, certified parts have the same quality as OEM parts, but they have advantage of 35% cheaper.
Korea revises car insurance terms to include quality certified parts for repairs

Korea updates car insurance policies to enhance repair options with affordable certified parts /
"Trump's tariffs are going back and forth... lack of Information" Auto parts manufacturers, *sigh

In the first quarter of this year, domestic auto parts exports decreased by 0.4% year-on-year to $1.04 billion, but exports to the U.S. actually increased by 3.5% to $290 million.
‘KCAP’ that lower car insurance premiums… Despite activation measures, use is still low

KCAP are 35% cheaper than OEM products, but they are rarely used this year either. Complete car manufacturers and importers are promoting sales of OEM products... Insurance companies are not actively participating either.