Soat 2023: increase in the key rate for next year | Finance | Economy

By 2023, Compulsory traffic accident insurance (Soat) would have a increase in its price by 11.7%. This increase would apply to all vehicles that are not part of the 14 categories benefiting from a 50% discount on the policy.

The increase in the Soat rate is established in a draft circular that the Financial Superintendence has left on its website for market comment and in which it fixes the increase from next January 1, 2023.

(See: Sales of soap for motorcycles increased by 474% in the first week of discount).

It is worth remembering that the increase will be paid when the owner of the vehicle renews his Soat during the year.

It is also important to clarify that the Soat had a raise which was adjusted to the minimum wage, but in 2023 this changed and is now linked with a daily minimum wage, approximately 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 Superintendency indicates that once the Soat rate has been adjusted for certain categories of vehicles and “After applying an optimization process, a premium adequacy of 57% was obtained for the categories of the differential range and 3.67% for the other categories.“.

This sufficiency indicates that the value of the premiums written in the Soat were higher than the cost of the losses recorded, which allows this year to adjust the maximum rates expressed as the legal daily minimum wage (smdlv) in force.

“This is done in order to maintain the stability of the plan while respecting the principles of equity, sufficiency and moderation which must 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 tonnes.

– Between 6.98 and 11.79 smdlv for family vehicles, depending on their age and engine capacity.

As already said, Soat would increase by 11.7% in 2023, but it should be remembered that there are 14 categories that have a 50% discount.

(See: Soat Discount: ABC to find out if this applies to you and what it covers).

These are:

– Moped.

– Motorcycles under 100 cubic capacity.

– Motorcycles with displacement from 100 to 200.

– Motocar, tricimoto and displacement quadricycle.

– 5 seater motorcycle.

– Professional cars under 1500 cc and less than 10 years old.

– Company cars under 1500cc and 10 years or older.

– 1500 and 2500 cc professional cars less than 10 years old.

– Company cars between 1,500 and 2,500 cc and aged 10 years or more.

– Professional cars of 2,500 cc and less than 10 years old.

– Company cars over 2500cc and 10 years or older.

– Buses and city buses.

– Intermunicipal public service with less than 10 passengers.

– Intermunicipal public service of 10 or more passengers.

This benefit was stipulated in Decree 2497 of 2022 and its purpose is stimulate the purchase of this compulsory 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.

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