Lotte Non-Life Insurance said on November 9 that it will become the first company in the industry to launch a “Parking-Day Discount Rider,” offering premium discounts of up to 15% based on the number of days a vehicle is not driven.
The rider reflects customers’ actual vehicle-use patterns in their premiums based on the number of days their cars are parked.
It is designed to reduce the premium burden for customers who drive infrequently, such as those who commute by public transportation or use their cars only on weekends.
The rider can be combined with the existing mileage-based discount rider.
Customers using connected cars can also receive discounts under the connected-car discount rider and the connected driving-score discount rider.