Estimate a Korean non-flood collision total-loss settlement using the accepted vehicle value, repair estimate, claim route, fault, salvage, deductible, replacement acquisition costs, and outstanding vehicle loan.
This estimator covers non-flood collision total loss in Korea. The 120% and qualified 130% figures are actual-repair caps for third-party property claims, not cash-payout multipliers.
Use the insurer worksheet and repair estimate
Actual-repair cap
Salvage treatment
Estimated total-loss payout
17,120,000 KRW
Owner cash after loan
9,120,000 KRW
Remaining loan shortfall
0 KRW
Economic test
Estimate exceeds value
Actual-repair cap
24,000,000 KRW
Difference from the displayed payout: 1,280,000 KRW. This comparison assumes that the vehicle is actually repaired.
A major collision, single-vehicle crash, or impact can produce a repair estimate that is close to or above the vehicle value. The settlement is not determined by the repair estimate alone. The accident-date vehicle value, restoration feasibility, claim route, fault share, salvage ownership, documented replacement acquisition costs, policy deductible, and outstanding vehicle loan belong to different stages of the calculation.
This calculator keeps those stages separate. It estimates the vehicle-loss settlement, shows the amount allocated to a lender, and then shows the cash left for the owner. It also lets you enter an insurer-confirmed final figure when the policy wording or loss assessment produces a result that the simplified formula cannot reproduce.
Use the separate flooded-car compensation calculator for typhoon, heavy-rain, river-overflow, or other flood losses. Use the unrepaired repair-cost calculator for a partial-damage cash settlement without completing repairs, and use the diminished-value calculator for post-repair market-value loss. This page is for a non-flood accident in which the vehicle itself may be settled on an exchange-value or own-damage total-loss basis.
The standard third-party property-damage schedule addresses exchange value when repair cost exceeds the pre-accident value and the vehicle is not repaired but scrapped. The calculator therefore marks the economic reference condition only when the estimate is greater than the recognized vehicle value. Equality does not trigger the automatic marker.
A vehicle can be incapable of restoration even when a rough estimate is not above the value. Select restoration impossible only when the repair shop or loss assessment supports that conclusion, such as structural damage that cannot be restored safely. Personal preference not to repair is not the same condition.
These are reference flags, not a binding insurance decision. The insurer still verifies the accident facts, repair scope, valuation basis, policy coverage, evidence, and actual disposal or repair route. A user-entered figure should never be represented as an official loss assessment.
Formula estimate = recognized vehicle value − owner-retained salvage + accepted replacement acquisition costs − fault deduction. The calculator applies the owner fault percentage to the combined claim basis. Actual acceptance of each acquisition-cost item depends on evidence and the accident circumstances.
Formula estimate = recognized vehicle value − owner-retained salvage − insurer-confirmed deductible. The current standard terms leave the detailed own-damage payment formula to each insurer policy, so the calculator does not claim that every total loss has a zero deductible. Use the policy worksheet or adjuster confirmation.
Under the standard third-party property-damage schedule, actual repair cost plus heat-treatment painting cost is generally limited to 120% of the pre-accident vehicle value when restoration is possible and the vehicle is actually repaired. A 130% cap may apply to specified vehicles, including qualifying cases in which the useful life in the Korea Insurance Development Institute vehicle-value table has expired or a statutory service-life rule applies. Eligibility must be confirmed with the insurer.
Neither percentage is an automatic cash multiplier. A 20,000,000 KRW vehicle does not become a 24,000,000 KRW or 26,000,000 KRW cash total-loss payment merely because those repair caps exist. The calculator uses the selected cap only for an actual-repair comparison and keeps the exchange-value settlement formula separate.
| Item | Before fault | After 20% owner fault | Interpretation |
|---|---|---|---|
| Total-loss claim basis | 21,400,000 KRW | 17,120,000 KRW | 20,000,000 value plus 1,400,000 acquisition costs |
| Actual-repair reference | 23,000,000 KRW | 18,400,000 KRW | Estimate is below the 24,000,000 standard repair cap |
| Difference | — | 1,280,000 KRW | Repair reference is higher but requires an actual repair |
Assume a 20,000,000 KRW recognized value, 3,000,000 KRW confirmed salvage value, 1,000,000 KRW accepted replacement costs, and no owner fault. The claim basis is 20,000,000 − 3,000,000 + 1,000,000 = 18,000,000 KRW. Selecting insurer takes salvage would remove that deduction rather than reduce the settlement twice.
With a 20,000,000 KRW recognized value and a 300,000 KRW insurer-confirmed deductible, the simplified estimate is 19,700,000 KRW. An 8,000,000 KRW loan allocation leaves 11,700,000 KRW for the owner. The claim does not add third-party replacement acquisition costs or apply the third-party fault slider.
If the simplified formula gives 17,120,000 KRW but the insurer confirms 18,500,000 KRW, turn on the final-settlement override. The calculator displays an upward adjustment of 1,380,000 KRW and uses 18,500,000 KRW for the lender and owner allocation.
A confirmed 18,500,000 KRW settlement against a 22,000,000 KRW payoff leaves no owner cash and a 3,500,000 KRW loan shortfall. The loan does not enlarge the vehicle-loss figure; it changes only the post-settlement allocation.
Choose third-party property damage when claiming against the other driver insurer. Choose own damage when using coverage under your policy. The selection determines whether fault and replacement acquisition costs or the confirmed policy deductible are used.
Start with the insurer figure. If the insurer later accepts a corrected model, trim, option, mileage, or supported valuation, enable the override and enter that accepted amount.
Use an itemized shop estimate that identifies parts, labor, painting, and structural work. Select restoration impossible only when supported by an assessment, not merely because the repair is inconvenient.
For third-party damage, enter your fault percentage. Select the party that keeps the salvage and enter a salvage value only when the owner retains it.
Use the insurer final settlement override when available. Enter the lender payoff from a current payoff statement rather than the original loan principal.
The standard motor terms define the accident-time insurance value by reference to the latest Korea Insurance Development Institute vehicle-value table at the accident time. A valuation dispute often starts with vehicle identification: model year, exact trim, options, mileage, or pre-accident condition may have been entered incorrectly or incompletely. Evidence does not guarantee an increase, but it can make the disagreement precise.
The pre-accident vehicle value and the damaged-vehicle salvage value are different figures. Ask which figure the insurer changed, who will own the salvage, whether a salvage bid is final, and whether the proposed cash amount already includes the deduction. This prevents an apparent second salvage deduction.
An outstanding vehicle loan does not reduce the accident loss and does not increase the insurer liability. It affects who receives the proceeds. The calculator first establishes the final payout and then allocates up to the payoff amount to the lender. Any remainder is owner cash; any unpaid payoff is shown as a loan shortfall.
Before signing transfer, deregistration, scrapping, salvage-sale, or settlement documents, confirm the lender consent process and the destination of the insurance funds. The standard own-damage claim-document section includes documents connected with total-loss sale, transfer, or scrapping, but the exact document set depends on the disposal route and insurer instructions.
No. This calculator follows the wording that the repair cost exceeds the pre-accident value, so equality does not trigger the economic marker. Confirm restoration feasibility, the actual repair route, and the insurer classification.
Not automatically. The 120% and qualified 130% rules are caps for an actual repair under the third-party property schedule, not multipliers for a cash exchange-value settlement.
Deduct the confirmed salvage value once when the owner retains the damaged vehicle and keeps that remaining value. Do not deduct it again when the insurer takes the salvage or when its offer already reflects the amount.
This calculator does not make that assumption. The detailed own-damage payment formula is governed by the individual insurer policy, so enter the deductible and final settlement confirmed for the claim.
The third-party exchange-value schedule refers to actual, necessary, and reasonable costs of acquiring an equivalent replacement. Acceptance depends on the actual expense, evidence, and claim circumstances. The calculator does not add them to own damage.
No. The loan balance does not enlarge the vehicle loss. The remaining debt must be addressed separately after the insurance proceeds are allocated.
The legal boundary was checked on July 27, 2026 through the Korean National Law Information Center. The current Insurance Business Supervisory Regulations Enforcement Detailed Rules were issued on July 13, 2026 and effective July 15, 2026. Annex 15 contains the standard terms used for the vehicle-value definition, own-damage limit, third-party repair and exchange-value rules, fault treatment, and total-loss documentation boundaries. Civil Act Articles 393 and 396 address the scope of damages and comparative negligence, and Article 763 applies those provisions to tort damages.
The output is an educational estimate. Individual endorsements, insurer wording, loss assessment, salvage bidding, document acceptance, dispute mediation, or a court decision may change the actual payment. Keep the insurer worksheet and evidence, and use the confirmed-settlement override when the claim-specific result is known.
Check where the vehicle value, fault, salvage, acquisition costs, deductible, and lender allocation appear. Keeping each item separate makes a missing item or duplicate deduction easier to identify before settlement.