COIn Colombia, many people rely on cars or motorcycles as their main investment or work tools, but only 12.2% of vehicles have voluntary insurance, according to Fasecolda. This leaves most vehicle owners vulnerable to covering costs from accidents, thefts, or damage to third parties out-of-pocket. The mandatory SOAT (Seguro Obligatorio de Accidentes de Tránsito) provides medical care and legal compensation for those involved in traffic accidents, while voluntary insurance protects the owner’s property, covering damages, theft, liability, and assistance services. Experts emphasize that both types of insurance are necessary for comprehensive financial protection. When purchasing voluntary insurance, factors like deductibles, coverage limits, available support services, and the insurer’s responsiveness are crucial. Additionally, proper procedures for reporting accidents—such as notifying the insurer promptly and maintaining documents—are important to ensure claims are processed smoothly. There is also discussion about potential changes to motorcycle SOAT under the next president’s proposal.
Bias read (Center): The article discusses insurance policies and their economic implications for vehicle owners, focusing on the distinction between mandatory and voluntary coverage. It includes quotes from industry experts and mentions a proposed change to motorcycle SOAT by the next president, which introduces a mild
