Insuring a car is a wise investment, which has the advantage of covering possible damage caused to the insured’s vehicle or another person’s car.
It is also a guarantee to pay for health expenses derived from traffic accidents or injuries associated with driving the car. Car insurance coverage will always depend on the modality chosen by the policyholder. In Colombia, one of the most demanded is the so-called “all risk insurance”, because it offers comprehensive coverage with extensive conditions agreed between the client and the insurer.
The problem is that some drivers, due to misinformation, believe that their car has this type of insurance, when in fact they only have the Mandatory Traffic Accident Insurance (SOAT). That is why it is not by chance that car owners always ask themselves the same question: how do I know if I have all-risk insurance?
To understand whether or not you have comprehensive insurance, you need to imagine the following scene: you leave your car parked on the side of the road while you make a quick purchase. When you get back, your vehicle was crashed into one of the gates. There are no witnesses or victims to mourn; just your car with a dented door.
When you pay out of pocket for the damage to the door, without any support or help, that is when you know that your car does not have comprehensive insurance. But what about the SOAT? Is it possible to cover this expense with the SOAT? The answer is no. The SOAT is a mandatory insurance by law that covers the bodily injury of victims of traffic accidents.
The SOAT does not include, for example, vehicle repair, much less damage to a door. On the other hand, an all-risk insurance (depending on the conditions and the contract signed with the insurer) would cover not only the repair of the door, but also other situations, such as total or partial loss of the vehicle. When managing the renewal, the SOAT is valid from 00:00 on the date indicated on the receipt. Usually, it is the first day after the expiration date that is on your current policy or the one you indicate to the insurance company.
If you have an accident before the validity begins, you will not have the coverage of this new SOAT, or you may be fined by the authorities. If you have your previous active policy, you should not worry, since you have the backing of compulsory insurance and it remains valid before the authorities until the last day.
When you renew your compulsory insurance, you surely want a SOAT that begins to take effect immediately. So that you don’t spend a single day without your expired SOAT, you have to be proactive. Keep in mind that there are a series of processes and regulations that regulate this diligence before your policy is registered as a valid SOAT. Therefore, it is best to do it in advance of the expiration date, and thus be insured at all times.