Kakao Pay Insurance extends Galaxy phone damage coverage from 3 to 5 years

Kakao Pay Insurance announced Monday that it has extended the damage coverage period for Galaxy phones under its mobile phone insurance product from a maximum of three years to five years.

The insurer expanded the coverage period in response to consumers keeping their devices longer as handset prices rise. Previously, damage coverage ended after three years of use; customers can now receive protection for up to five years.

"We have eliminated the coverage gap that previously occurred after three years, allowing users who keep their phones for a long time to be reliably protected against unexpected damage," a Kakao Pay Insurance official said.

Kakao Pay Insurance will also run a first-month premium promotion — charging just 100 won — from Monday through Aug. 18 to coincide with the launch of the Galaxy Z Flip 8 and Z Fold 8. All phone models are eligible, and users of unlocked devices and budget mobile virtual network operator plans qualify regardless of carrier.

Samsung Electronics is set to officially release the Galaxy Z series in South Korea on Aug. 7. Pre-orders for the foldable lineup — including the Galaxy Z Fold 8, Fold 8 Ultra and Flip 8 — as well as new wearables such as the Galaxy Watch Ultra 2 and Watch 9, will run from Tuesday through Monday.

Kakao Pay Insurance's mobile phone insurance lets users choose their own repair frequency (two to five times) and deductible rate (10 to 40 percent), with premiums calculated based on the selected options. Users of unlocked devices and budget carrier plans can also sign up regardless of their carrier.

Coverage is not reduced with each repair claim; instead, users receive repeated protection up to their chosen coverage limit each time an incident occurs. Selecting a 10 percent deductible — with a minimum of 30,000 won ($20) — covers up to 90 percent of repair costs, up to a maximum of 5 million won, within the device's original retail price.

"We expanded the damage coverage period so that users who keep their phones for a long time can still receive the protection they need," a Kakao Pay Insurance official said. "We will continue to roll out insurance services that offer real value by reflecting users' environments and evolving needs."