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Universal Sompo Third Party Car Insurance
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A third party insurance policy, also known as liability only policy, is a basic requirement for you to drive your car in India. It offers compensation for third party property damage and demise or bodily injuries of a third party up to INR 7.5 lakh. Universal Sompo third-party car insurance not only helps you fulfill the legal requirement of having a mandatory car insurance cover but also compensates you for the third party liabilities that might arise because of road accidents, natural disasters, theft, etc.
How does Universal Sompo Third Party Car Insurance Work?
When a policyholder confronts an accident, the Universal Sompo third-party car insurance helps pay the expenses incurred for repairing the third-party property. In this way, it reduces the financial burden on the policyholder. When an accident happens, the insured should inform the insurance company about it immediately before claiming the compensation.
After the policyholder files a claim, a surveyor appointed by the insurance company comes to check the overall damages and estimate the cost of repairs. Once the verification is completed, and it is proved to be genuine, you can get your vehicle towed to the nearest Universal Sompo network garage for a cashless claim.
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Universal Sompo Third Party Car Insurance vs Comprehensive Car Insurance
Aspects | Third-Party | Comprehensive |
| Coverage | It provides coverage for third-party property damage and a cover for injury/death of a third party. | It provides compensation for the insured car’s damages along with all third-party liabilities. |
| Add-ons | No add-on facilities are available with this. | Various add-on covers, such as engine cover, zero depreciation, NCB protection, etc, are available. |
| Cost | Cheaper than a comprehensive policy. | It offers a wide range of coverage, so it’s costlier than third-party car insurance. |
| Legal Requirement | It is made mandatory by Indian Law. | It is optional. |
How to Buy Universal Sompo Third-Party Car insurance?
1. Go to the official website of Universal Sompo for third-party four-wheeler Insurance.
2. Mention your car registration number. In case you lose it, you can also mention your car’s model, maker and car registration year.
3. Enter your personal information like your full name and mobile number. All the quotes in your category will appear on your screen.
4. Select the policy that matches your requirements.
5. Make online payment for the selected policy.
6. And the document containing all policy-related information will be sent to your email ID.
What All is Covered under Universal Sompo Third-party Car Insurance Plan?
The Universal Sompo third-party car insurance policy includes protection from the following events (Inclusions):
- Limited/unlimited cover for death/injury of a third party (depending on the nature as well as the severity of the injury sustained). The final compensation is decided by the court of law.
- Coverage of up to INR 7.5 lakh will be provided to cover third-party property damage.
- Financial assistance to pay for the legal costs of court trials (if any) in the event of an accident or other calamities.
What All is not Covered Under Universal Sompo Third-party Car Insurance Plan?
The Universal Sompo third-party car insurance policy does not include protection from the following events (Exclusions):
- Own damages sustained by the insured car.
- Loss/damage caused to one or more third-party or third-party properties outside the specified geographical area.
- Physical injuries sustained by the policyholder are not covered (to get coverage for this, you must buy a personal accident cover of up to INR 15 lakhs) for the same.
- Contractual liabilities.
- An accident caused by the driver after consuming drugs or liquor.
- An accident caused due to the car being driven under the limit or non-adherence to traffic rules, regulations and signals.
Universal Sompo Third-party Car Insurance Review
In the case of the policy renewal, it is done in less time than other insurance companies. The cost of third-party car insurance coverage is affordable. It matches the policyholder’s minimum requirements perfectly.
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Universal Sompo Third-party Car Insurance FAQs
1. Does the model of the car affect the premium amount of Universal Sompo third-party car insurance?
It doesn’t. The premium is decided by the IRDAI.
2. According to which act, has the Government of India made it compulsory to have third-party car insurance from insurers such as Universal Sompo?
As per the Motor Vehicles Act, 1988, it is compulsory to have a valid third-party car insurance from insurers such as Universal Sompo.
3. Is a no claim bonus included with Universal Sompo third party car insurance?
No. A no claim bonus is a type of reward which is awarded only if you purchase comprehensive or standalone own damage four-wheeler insurance.
4. What are the various methods of paying the premium amount for Universal Sompo third-party car insurance?
Universal Sompo third-party car insurance premiums can be paid by any of the following modes-
• Net Banking
- UPI
- Debit card/credit card
• Cheque
• Demand Draft (DD)
5. What is the procedure for settling a claim in the case of Universal Sompo third-party car insurance?
You need to intimate Universal Sompo as soon as your insured car hits the third person in an accident. The concerned individual will need to file an FIR with the nearest police station. Universal Sompo will go through all these and approve your claim if it finds it to be genuine.