{"id":2364,"date":"2013-12-12T14:16:38","date_gmt":"2013-12-12T14:16:38","guid":{"rendered":"http:\/\/colombia.escapeartist.com\/?p=1766"},"modified":"2020-09-10T11:31:03","modified_gmt":"2020-09-10T15:31:03","slug":"driving-in-colombia-part-3","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/driving-in-colombia-part-3\/","title":{"rendered":"Driving in Colombia – Part 3 – Taxes and Insurance"},"content":{"rendered":"
Driving in Colombia – Part 1<\/a>\u00a0 :\u00a0 <\/strong>Driving in Colombia – Part 2 – What is a RUNT? ; <\/a><\/strong>Driving in Colombia – Part 4 -The Road ”Test”<\/a><\/strong><\/p>\n There are a series of costs associated with owning\/driving a vehicle in Colombia.<\/p>\n The first is called SOAT or Seguro Obligatorio de Accidentes de Tr\u00e1nsito<\/b><\/em>. This is a mandatory, annual insurance required for all vehicles traveling within Colombia. The cost is relative to the type of vehicle (motorcycle, car, SUV) as well as the model and number of cylinders.<\/p>\n This insurance covers personal injuries to people in a traffic accident in the following aspects :<\/p>\n Medical, surgical, pharmaceutical and hospital expenses. There are limits to the coverage of SOAT . When\u00a0 they are exceeded\u00a0 these costs should be paid by the person responsible for the accident or vehicle insurance . Generally as a foreigner,\u00a0 you should carry the highest possible coverage\u00a0 because in cases like this you could easily become the victim of an excessive claim.<\/p>\n The second cost you must pay annually is a tax on your vehicle. Usually there is a period between January and the end of February \u00a0where a 10% discount is offered for an early payment. For 2013, the payment period was until July 12. After that date a late penalty is applied of 134.000 COP. Note that the dates vary slightly from year to year.<\/p>\n The tax is determined with this formula. \u00a0You can obtain this information and the necessary form from your local Transito office and it can be paid there or in a bank.<\/p>\n If the value of your vehicle is \u00a0:<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 From\u00a0 1.000.000 to 37.000.000 , the tax is 1.5%<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 From 37.000.000 to 87.000.000, the tax is 2.5%<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 From 87.000.000 and up, the tax is 3.5%<\/p>\n The other small tax that you will pay annually is called Semaforizacion<\/em>. Basically this is a payment that supposedly contributes to the maintenance of the street lights in the city where your vehicle is registered. In Medellin for 2013, it was just under 30.000 COP.<\/p>\n I hope you are getting value from this 4 part series on Driving in Colombia-<\/strong>Taxes and Insurance<\/strong><\/p>\n If you have any questions regarding residency in Colombia, please contact our office HERE<\/a>.\u00a0 Also, If you’ve read this article, you will enjoy the 3 that accompany them:<\/strong><\/p>\n Driving in Colombia – Part 1<\/a>\u00a0\u00a0<\/strong><\/p>\n Driving in Colombia – Part 2 – What is a RUNT?; <\/a><\/strong><\/p>\n
\nPermanent disability.
\nDeath of the victim.
\nFuneral expenses.
\nTransport costs and mobilization of victims.<\/p>\n