With the objective is to expedite the policy issuance process and have competitive rates for foreign vehicles that transit in border areas, the National Government will allow insurance companies to expand SOAT in Colombia, fact that means an important temporary change for certain regions of the country.

(Soat sales grew 11.9% during the first quarter).

According to the Ministry of Commerce, Industry and Tourism, the insurance companies authorized to issue the policies of the Compulsory Insurance for Bodily Injuries Caused to People in Traffic Accidents (SOAT), They can issue them for a minimum of 15 days for people who enter Colombia through the border areas, such as those of Ecuador and Venezuela.

This is stated in External Circular 007 of the Financial Superintendence of Colombia -SFC-, issued after a meeting led by the Minister of Commerce, Industry and Tourism, Germán Umaña Mendoza, with the participation of the same Financial Superintendency, the Ministry of Transportation, the Federation of Colombian Insurers (Fasecolda) and representatives of the companies that issue this type of policy.

(In the last month, 1.3 million citizens have purchased the Soat).

“One of our bets in foreign trade is the integration of Latin American countries, which involves promoting the construction of economic corridors that allow physical and economic integration, mainly between border regions. This measure will undoubtedly allow us to facilitate and expedite this relationship with our neighbors”, Said Minister Umaña.

I add that this is “One of the mechanisms that adds to this purpose is to allow citizens of those neighboring countries to obtain this policy for days and not for a minimum of one month, as is the case today. This reduces costs and helps streamline processes.”

For his part, the Minister of Transportation, William Camargo Triana, said that President Gustavo Petro’s instruction has been to strengthen our economic relations and facilitate access between countries.

“For this reason, this document will not only allow foreigners at the border better mobility, but also strengthen the commitment of the National Government to work for the protection of life. We want to make Colombia a world power of life, therefore, it is our obligation to also protect each of the citizens who visit and transit through our country ”, Minister Camargo Triana said.

(The ‘evils’ of Soat: premiums grow but there are more claims).

The Financial Superintendence determines the methodology for calculating the maximum rate for said policies and will take into account the class and model of the vehicle, as well as the following factors:

1. The risk exposure of these vehicles.

2. Transfers to the Administrator of the Resources of the General System of Social Security in Health (ADRES), established in article of Decree 780 of 2016 and Resolution 2709 of 2022.

3. Transfers to the National Road Safety Agency indicated in article 7 of Law 1702 of 2013.

4. Expenses for the operation of the branch.

The document will enter into force at 24:00 hours on the day it is issued and the payment of the same is credited. The foreign citizen may extend the document for another 15 days or, if required, request it for full months.

Those interested in requesting this document may process it at the offices of the authorized insurance company or by email enabled by each insurer, for which they must present the original or a copy of the ownership card of the vehicle that will enter the country and the identity document of the policyholder or Special Stay Permit (PEP), Temporary Protection Permit (PPT) or Border Mobility Card (TMF) issued by Colombian Migration.

People who have an account in a financial institution in Colombia may make the SOAT payment through the PSE system (secure online payments), if the insurance company has enabled that payment channel.

The transit and transport control authorities will carry out the corresponding verification actions to guarantee compliance with the obligations of drivers of vehicles from border countries.