KakaoPay Insurance said on Monday it has expanded eligibility for its mobile phone insurance to include minors.

The expansion follows steady requests from parents who want to prepare for damage to their children's phones as smartphone prices rise. Under the change, phones used by minors can be covered if the device was released within the past 2 years. Eligible devices include Galaxy smartphones, including kids phones, and iPhones. Children are the actual users, but parents sign up and pay for the insurance.

KakaoPay Insurance's mobile phone insurance is a DIY product in which users design the coverage terms. Premiums are set based on selected repair frequency, 2 to 5 times, and deductible ratio, 10 to 40 percent.

If users choose a 10 percent deductible, with a minimum of 30,000 won, they can be covered for up to 90 percent of repair costs. Coverage can be repeated within the set compensation limit each time an accident occurs, rather than deducting the covered amount at each repair.

Users of unlocked devices and budget mobile carriers are also eligible. The maximum compensation limit by model is 1.3 million won for the Galaxy S series, 1.6 million won for the Galaxy S Ultra, 1.5 million won for the Galaxy Z Flip and 2.2 million won for the Galaxy Z Fold. For iPhones, the maximum is 1.4 million won for the iPhone Pro and 1.5 million won for the iPhone Pro Max, allowing refurbished-phone users to receive coverage for repair costs without bearing extra expenses from exceeding the limit.

KakaoPay Insurance said, "As mobile handset prices and repair costs have risen, we have continued to receive requests from users who want to prepare for their children's phones through insurance." It added, "We will continue to strengthen a practical safety net that more users can feel in their daily lives."