The Korea Times
Drivers who comply with a government-led vehicle rotation scheme aimed at easing energy supply strain will receive a 2 percent annual discount on their auto insurance premiums under a new policy-backed rider announced Monday. The benefit will be applied retroactively from April 1. The plan was unveiled at the National Assembly in Seoul by the Democratic Party of Korea’s special committee on economic responses to the Middle East conflict, in coordination with the Financial Services Commission and the General Insurance Association of Korea. The measure comes as the U.S.-Iran war continues to heighten concerns over global oil supply. Since April 8, public sector vehicles have been subject to an odd-even rotation system, which restricts their use every other business day based on license plate numbers. For private vehicles, a five-day rotation scheme, under which cars are asked to stay off the road one designated weekday, remains voluntary. To encourage participation, a temporary 2 percent premium discount is set to be offered to eligible drivers across all insurers. The program applies on
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