Ahead of iPhone 18 Launch, Kakaopay Insurance Cuts First-Month Phone Insurance Premium to 100 Won

[Financial News] Ahead of the iPhone 18 series launch, Kakaopay Insurance will lower the first-month premium for its phone insurance to 100 won. The move targets the repair costs associated with damage to or malfunctions of high-end smartphones.
Kakaopay Insurance announced on September 16 that it will run the “100-Won First-Month Phone Insurance Premium Event” from September 17 through 7 p.m. on October 16.
Customers who sign up for phone insurance during the event can use the coverage for a first-month premium of 100 won. Eligible devices are the iPhone 18 Pro and iPhone 18 Pro Max. The insurance is available regardless of carrier, including users of unlocked phones and budget mobile services.
The findings indicate that many consumers remain concerned about damage to or malfunctions of their new smartphones even after purchasing them.
In a survey conducted by Kakaopay Insurance from the 9th through the 13th of this month through “Pay Attention,” Kakao Pay’s lifestyle-focused financial brand journal, 75% of respondents said they were concerned about damage to or malfunctions of a new phone. A total of 16,747 people participated in the survey.
When their phones were actually damaged, many people chose repairs rather than buying new devices. In a related survey with 50,418 participants, 72% said they would “have the phone repaired or continue using it as is.” Only 28% said they would “switch to a new phone.”
As high-end smartphones become more common, repair costs incurred to continue using an existing phone, in addition to the purchase price of the device, may also become a financial burden for consumers, analysts said.
Kakaopay Insurance’s phone insurance is a DIY-style product that allows policyholders to customize their coverage according to their circumstances. They can choose between two and five repair claims and deductibles ranging from 10% to 40%, with premiums varying according to the selected options.
Another feature is that the coverage limit is not reduced each time an accident occurs. Policyholders can receive repeated coverage for each incident within the coverage limit they set.
With a 10% deductible, policyholders can receive coverage for 90% of repair costs, excluding a minimum deductible of 30,000 won. The coverage limit is up to 5 million won based on the original retail price.
A Kakaopay Insurance official said, “Because people often repair their phones and continue using them even after they are damaged, coverage that helps them prepare for repair costs is important. We will continue to carefully assess the coverage users need in their daily lives and develop our services so they can provide practical help when insurance is needed.”
[email protected] Hong Ye-ji Reporter