This is how the 50% payment reduction will work in the Soat

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About nine million motorcycles would access the discount, according to the Ministry of Transport

 This is how the 50% reduction in the payment of Soat will work

The reduction in the price of Soat was one of Gustavo Petro's campaign promises.

Many doubts generated the announcement of the National Government about a 50% discount on the rates of the Soat (Mandatory Traffic Accident Insurance) for some vehicles.

This measure seeks to guarantee full coverage of Soat and prevent fraud.

These are the keys to the measure:

– The low cylinder motorbikes, taxis, urban minibuses, urban public service and service intermunicipal public.

– This measure will apply to policies issued, in principle, from January 1, 2023, but the Government seeks to make it take effect before that date.

– Close to nine millionof motorcycles would access the discount.

– Controls to prevent fraud and evasion: controls will be intensified to prevent fraud in claims and deal with evasion in the purchase of Soat.

Full coverage

The Minister of Finance, José Antonio Ocampo, stated that This is to ensure that you have full coverage of the Soat , which today is extremely low for motorcycles, since less than half of these today have it, which generates enormous risks and beyond that there is fraud.

“ There are people who have any accident and have it covered by Soat. This is what has caused insurers to reduce the offer of Soat. Several of these have already been withdrawn from the market and others have announced that they will be withdrawn”, noted the finance minister.

According to him, good results are expected, especially that the cost of Soat for motorcycles decreases. In addition, he clarified that a deficit of 2 trillion pesos will be generated, but it will be covered with a budget addition

For his part, the Minister of Transportation, Guillermo Reyes, he noted that this insurance is not going to go up, but rather it is going to go down, but this must be a commitment of taxi drivers, motorcyclists, who must work so that the Soat is paid and evasion, fraud and fraud are attacked the accident rate.

Reyes also added that this gives motorcyclists a hand, mainly in the sense of recognizing that 80% of these belong to the mass of workers who depend on a motorcycle.

“Not only was the rate not increased for 2023, but it was reduced by 50%,” said the Minister of Transport at the same time that he warned that “vehicle owners, especially motorcyclists, who have to help to offset the cost represented by this discount is to reduce the accident rate.”

He assured that they are working with the Federation of Colombian Insurers (Fasecolda) and the Financial Superintendence to release some reserves that allow the timely issuance of the Soat.

It was also known that the national government will take into account the reduction in road accident rates< /b>and cases of misuse of insurance, to assess the continuity of this measure.

Soat figures in Colombia

This Tuesday, precisely , Fasecolda provided figures on the expedition of the Soat in Colombia.

The entity indicated that as of September 2022, the Runt (Unique National Traffic Registry) reported a registered and active vehicle fleet of 17.8 million vehicles, of which 10.8 million are motorcycles and 7 million are other types of vehicles.< /p>

Of this vehicle fleet, the entity specified, 9.3 million units have a valid Soat policy, of which 4.2 million are motorcycles and 5.1 million other types of vehicles.

“It should be noted that between January and September 2022, 6.6 million Soat policies were issued, with a growth of 4.5% against the expeditions of the same p period of the previous year”, emphasized Fasecolda.