Owners of luxury and foreign cars will likely pay up to 15 percent higher insurance premiums starting next month.

The Financial Supervisory Service(FSS) said on Wednesday that Dongbu Insurance, a local insurer, recently created extra premium rates for high repair costs and sought an approval from the service.

Insurance premiums will reportedly be raised between three and 15 percent on automobiles for which repair costs exceed a certain level of those on an average vehicle.

A total of 38 models, including the BMW 7 series, will likely be subject to a 15 percent increase.

If the FSS approves Dongbu’s new rates, they will also be applied to other eleven insurers.