By 2023, Compulsory Traffic Accident Insurance (Soat) would have a increase in its price of 11.7%. This increase would apply to all vehicles that are not within the 14 categories that have a 50% discount on the policy.
The increase in the Soat rate is established in a draft circular that the Financial Superintendency left on its website for market comments and in which it sets the increase starting next January 1, 2023.
(See: Sale of Soat for motorcycles grew 474% the first week of discount).
It is worth remembering that the increase will be paid when the vehicle owner renews his Soat during the year.
It is also important to clarify that the Soat had an increase that was adjusted to the minimum wage, but by 2023 this changed and is now related with minimum daily wages, that is, about 38,666 pesos (the monthly minimum wage increase for 2023 was 16%).
(See: These are the categories that apply to the 50% Soat discount).
The draft circular that the Financial Superintendence says that once the Soat rate was adjusted for some categories of vehicles and “After applying an optimization process, a premium adequacy of 57% was obtained for the differential range categories and 3.67% for the other categories.“.
This sufficiency indicates that the value of the premiums issued in the Soat was above the cost of the registered claims, which allows this year to adjust the maximum rates expressed in current legal daily minimum wages (smdlv).
“This is done in order to maintain the stability of the scheme in compliance with the principles of fairness, sufficiency and moderation that should govern the determination of the rates established by law.“, was added in the document.
Thus, according to the table contained in the draft circular, the adjustment of the Soat rate in 2023 will be as follows:
(See: Soat: the most common accidents and what this insurance covers).
– Between 1.68 and 25.39 smdlv for vehicles over 15 tons.
– Between 6.98 and 11.79 smdlv for family vehicles, according to their age and cylinder capacity.
As already said, the Soat would rise 11.7% in 2023, but it must be remembered that there are 14 categories that have a 50% discount.
(See: Soat discount: ABC to find out if it applies to you and what it covers).
– Motorcycles of less than 100 in displacement.
– Motorcycles with displacement from 100 to 200.
– Motocar, tricimoto and quadricycle of displacement.
– 5 passenger motorcycle.
– Business cars under 1,500 cc and less than 10 years old.
– Business cars under 1,500 cc and 10 or more years old.
– Business cars of 1,500 and 2,500 cc less than 10 years old.
– Business cars between 1,500 and 2,500 cc and 10 or more years old.
– Business cars of 2,500 cc and less than 10 years old.
– Business cars of more than 2,500 cc and 10 or more years old.
– Buses and urban buses.
– Intermunicipal public service of less than 10 passengers.
– Intermunicipal public service of 10 or more passengers.
This benefit was stipulated in Decree 2497 of 2022 and its objective is stimulate the purchase of this mandatory policy and reduce its evasion in the country.
(See: “We will not forgive a vehicle without Soat or counterfeit”: Mintransporte).
According to data from the Federation of Colombian Insurers (Fasecolda), the sale of Soat with 50% already leaves more than 431,000 policies sold, a growth of 118%.
The discount measure began to apply on December 19.