SOAT

SOAT, or Seguro Obligatorio de Accidentes de Tránsito, is a mandatory insurance scheme in several Latin American countries, most prominently Colombia. It is intended to guarantee medical care and other benefits to people injured in road traffic incidents, regardless of fault. The policy is issued by private insurers that are authorized to operate by the national financial regulator and are overseen by the relevant transport or health authorities.

In Colombia, SOAT covers medical expenses arising from traffic injuries, including hospitalization, medications, and emergency transport. It also provides compensation for death or permanent disability to affected victims and, in some cases, funeral expenses. The coverage applies to drivers, passengers, pedestrians, and other third parties injured in a collision, but it does not cover damage to the insured vehicle or to property; property damages are typically managed under other types of insurance.

Acquisition and validity: Any motor vehicle or motorcycle used on public roads must have a valid SOAT. The policy is valid for a year and must be renewed; it is issued by an insurer licensed to operate in the country. The insured must carry proof of coverage and present it on request by authorities. Rates vary by vehicle type, engine size, and risk factors; some insurers offer online purchase and digital certificates.

Impact and governance: SOAT is part of a broader framework to reduce out-of-pocket medical costs after accidents and to ensure rapid access to treatment for victims. It has been subject to reform and price adjustments over time to balance affordability with coverage quality. Related mandatory insurances for road operations may address liability for property damage and other risks.