Why a Korean camper needs an asset manifest before a policy limit check
A converted camper is more than its base vehicle. Sleeping furniture, water systems, electrical work, batteries, inverters, solar panels, air conditioning, awnings, and portable camping equipment can represent a substantial share of the owner's total investment.
That investment is not automatically identical to the insured value or coverage amount written on a Korean motor policy. An accessory may need to be disclosed, listed, classified as fixed, or given its own limit. Portable property may receive different treatment from equipment fixed to the vehicle.
The detailed Korean calculator therefore applies four layers in order: accident and disclosure eligibility, an optional per-asset limit, the overall policy limit, and one deductible for the scenario. It separates each shortfall instead of presenting one unexplained payout number.
Total loss
Stress-test the current value of the entire vehicle and entered equipment against disclosed assets and policy limits.
Whole-vehicle theft
Model theft of the complete camper only. Theft of one accessory or a portable item is deliberately outside this scenario.
Flood
Apply the policy-confirmed flood or single-vehicle rider and its own deductible treatment rather than inferring cover from a base policy.
Documents to collect before entering values
Use the policy certificate, application disclosures, approved conversion and inspection documents, conversion invoices, equipment receipts, installation photos, and the insurer's current vehicle-value basis. Online market averages do not replace these records.
- Copy the overall own-damage coverage amount and deductible terms from the policy applicable to the camper.
- List every conversion or item that was not part of the base factory specification and check whether it was disclosed or listed.
- Identify per-item or group sublimits and confirm total-loss, whole-vehicle theft, and flood treatment separately.
- Record the date and evidence supporting each current value and depreciation rate. The calculator does not supply a statutory or market depreciation schedule.
All starting numbers are editable examples
The KRW 70,000,000 overall limit, 20% deductible rate, KRW 200,000 minimum, and KRW 500,000 maximum are interface examples. They are not statutory values, market averages, premium quotes, or recommended levels of cover.
Four asset categories in the manifest
Camper asset categories, examples, and Korean policy questions| Category | Examples | Policy question |
|---|
| Base vehicle | Chassis, body, and factory equipment | Current reference value and overall insured amount |
| Fixed conversion | Beds, cabinetry, cooking and water systems | Approved conversion and accessory listing |
| Fixed equipment | Batteries, inverter, solar, HVAC, and awning | Attachment status and equipment sublimit |
| Portable gear | Portable generator, refrigerator, furniture, and camp gear | Portable-property exclusion or separate property cover |
The General Insurance Association of Korea materials distinguish fixed parts or accessories from portable belongings. Selecting a category in this interface does not make a binding policy classification. Ask whether removal requires tools, whether the item is normally included with the vehicle, and whether its type and value were disclosed at inception.
Calculation sequence and formulas
1. Current value and event loss
Current value equals the entered basis amount multiplied by one minus the user-confirmed depreciation rate. Scenario loss then applies the event loss percentage.
Current value = basis × (1 − depreciation rate / 100)
Event loss = current value × event loss rate / 100
2. Eligibility gate
An asset proceeds only when the event cover, policy disclosure, and asset-specific event switch are all on. Otherwise its event loss is recorded as an eligibility or disclosure gap.
3. Asset and overall limits
A positive asset sublimit caps that asset first. Zero means that no separate sublimit is entered. The sum is then capped by the overall coverage amount.
Asset recognition = min(event loss, positive asset limit)
Pre-deductible recognition = min(asset total, overall limit)
4. One event deductible
When enabled, the percentage result is bounded by the entered minimum and maximum. It is applied once to the modeled event and cannot exceed the pre-deductible recognized amount.
Reconciliation identity
Total event loss = estimated payout + eligibility gap + asset-limit gap + overall-limit gap + deductible
This identity is checked by deterministic tests. It validates the arithmetic, not legal entitlement to payment.
Worked manifest: KRW 88 million of current value
The default manifest contains a KRW 55,000,000 base vehicle, KRW 24,000,000 depreciated conversion package, KRW 6,000,000 of fixed equipment, and KRW 3,000,000 of portable gear. The conversion sublimit is KRW 15,000,000, the fixed-equipment sublimit is KRW 3,000,000, and the portable gear is not marked as disclosed or event-covered.
Default camper manifest results for total loss, whole-vehicle theft, and flood| Scenario | Event loss | Non-deductible gap | Deductible | Estimated payout | Total gap |
|---|
| Total loss | KRW 88,000,000 | KRW 18,000,000 | KRW 0 | KRW 70,000,000 | KRW 18,000,000 |
| Whole-vehicle theft | KRW 88,000,000 | KRW 18,000,000 | KRW 0 | KRW 70,000,000 | KRW 18,000,000 |
| Flood | KRW 88,000,000 | KRW 18,000,000 | KRW 500,000 | KRW 69,500,000 | KRW 18,500,000 |
In this example, KRW 3,000,000 is excluded by disclosure or event settings, KRW 12,000,000 is removed by asset sublimits, and KRW 3,000,000 is removed by the overall limit. Flood adds the KRW 500,000 maximum deductible. If the actual wording applies a deductible to total loss or theft, turn that switch on instead of relying on the example default.
Important scenario boundaries
Conversion cost is not automatically claim value
Invoices document what was purchased. They do not by themselves establish the value at the time and place of loss, disclosure status, or a policy sublimit. Replace sample depreciation with the insurer's documented basis whenever available.
Partial accessory theft is excluded from this model
Korean standard explanatory materials and public product wording can exclude theft of only a part, accessory, or attached device. The theft scenario here is strictly whole-vehicle theft and must not be used to estimate a stolen battery, awning, air conditioner, or portable item.
Flood cover can require a separate rider
A base own-damage selection does not prove that every flood or single-vehicle event is covered. Confirm the rider, covered cause, exclusions, and deductible in the wording for the actual policy year.
Administrative approval and insurance disclosure differ
Korean conversion approval and inspection records are important, but they do not automatically set an insurance value. Policy disclosure does not replace any required vehicle-management approval either. Preserve both document sets.
Korea-specific legal and policy basis
These references were rechecked on August 15, 2026 (2026-08-15). The model contains no statutory camper deductible rate or equipment limit. Current policy wording, disclosures, and loss adjustment control every real claim.
Korean statutes and insurance materials supporting the camper policy review model| Reference | Why it matters | Current marker |
|---|
| Motor Vehicle Accident Compensation Security Act, Article 5 | Compulsory third-party protection does not automatically insure the camper's own assets. | MST 277017
2025-10-01 |
| Commercial Act 638-3, 666, and 676 | Important-term explanation, policy particulars, and the default time-and-place value basis for property loss. | MST 272919
2026-07-23 |
| Motor Vehicle Management Act 29 and 34 | Safety standards for camping facilities and the administrative background for vehicle tuning approval. | MST 286989
2026-06-16 |
| GIAK standard product guide and standard wording portal | Fixed accessories, portable property, partial theft, and deductible explanations. | Current portal |
| KIDI motor coverage guide and vehicle reference value | Separation of liability and own-damage cover and the role of a reference vehicle value. | Current pages |
| Public insurer wording example | One product example for accessory notice, whole-vehicle theft, flood riders, limits, and deductibles; not a universal rule. | 2026-06-02 |
How to act on each gap
Eligibility or disclosure gap
Send the item name, installation date, invoice, current-value basis, photos, and conversion records to the insurer. Ask whether it must be declared and where acceptance appears in the policy documents.
Asset-limit gap
Ask whether the limit applies to each item, to a group of conversion equipment, or to the whole event. Compare written quotes on exactly the same asset basis.
Overall-limit gap
Reconcile the base vehicle and accepted conversion value with the overall insured amount. Simply choosing an amount above actual value does not guarantee an additional payment.
Deductible gap
Confirm whether each event uses the same percentage, minimum, maximum, or exemption. Premium tradeoffs require actual policy quotes and are outside this calculator.
Frequently asked questions
Can I enter the full original conversion invoice?
It can be a starting basis, but it is not automatically the value at the time of loss. Replace the sample depreciation rate with a documented insurer or adjuster basis whenever possible.
Does a zero asset limit exclude the item?
No. Zero means no separate sublimit has been entered, so only later limits apply. Use the disclosure and event switches to model an item that is not confirmed as included.
Is the deductible always waived for total loss or theft?
Do not assume that it is. Standard explanatory and public product materials contain examples of deductible treatment, but the wording applicable to the actual product and policy year controls. Toggle each scenario to match that wording.
Are portable generators and camping gear covered in a theft?
Portable belongings may be treated differently from fixed accessories. Confirm whole-vehicle theft treatment, partial-theft exclusions, and whether separate property insurance is needed.
Is the result an insurance claim or settlement estimate?
No. It is a policy-review stress test. Fault, salvage, taxes, detailed exclusions, theft reporting, claim procedure, and loss-adjuster decisions remain outside the model.
Save the manifest and request a rider-inclusive quote
The most useful output is not a promised payout. It is a traceable list of the vehicle, conversions, fixed equipment, portable property, disclosure status, event cover, and limits. Print that list, attach supporting documents, and ask the insurer to confirm each assumption in writing at renewal and whenever equipment changes.