Universal Sompo Bike/Two Wheeler Insurance

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When you buy a motorised vehicle, it is compulsory to buy an insurance cover, this is mandated by the Government under the Indian Motor Act, 1988. Having the right kind of insurance policy will not only save you from the repair costs but also give you the confidence to ride your bike confidently. Unfortunately, if you are ever involved in a motor accident, your insurance policy would help you recover from the financial losses. 

There are numerous companies that offer two-wheelers, but a prominent name in the two-wheeler insurance industry is Universal Sompo General Insurance Company Limited. Universal Sompo General Insurance Company was founded in the year 2007. The company started as a joint venture of the Indian Bank, Overseas Bank, Karnataka Bank Ltd, Dabur Investment Corporation, and a leading general insurance company named Sompo Japan Insurance Inc. The company has its registered head office in Mumbai along with 17 Zonal Offices and 87 Branch Offices. 

The company has made its name while offering a huge variety of insurance products from rural to corporate customers. The two-wheeler insurance plans offered by Universal Sompo are not just easy-to-understand but also affordable. Let us take a look at the various aspects of Universal Sompo Two-Wheeler Insurance. 

Types of Two-Wheeler Insurance Plans offered by Universal Sompo Two-Wheeler Insurance

  1. Third-Party Liability Only Two-Wheeler Insurance Plan
    Third-party liability is the most elementary kind of insurance and is mandated by the government. It mainly covers damages caused to a third party due to your vehicle. When the insured vehicle causes damage or injury to another property or person, the Company will compensate for the expenses that would otherwise be borne by the policyholder. However, your own-damages are not covered.
     
  2. Comprehensive Package Two-Wheeler Insurance Plan
    As the name suggests, this is a comprehensive policy and includes not only third-party liabilities but also own-damages. The plan covers most of the damages to your vehicle, including man-made damages, damages caused by natural calamities. In addition to that, damage to the vehicle from collisions is also covered. 
     
  3. Bundled (1+5) Two-Wheeler Insurance Plan
    You can purchase the third-party liability cover for 5 years and the own-damage coverage can be extended on a yearly basis. Indemnification by the company shall be construed under the following circumstances:
    1. Third-Party liabilities
       
    2. Natural Disasters
       
    3. Man-Made Disasters
       
    4. Theft of the two-wheeler
       
    5. Damage caused when the bike is in transit
       
  4. Stand Alone Own Damage Two-Wheeler Insurance Plan
    When you have already purchased a third-party liability cover, you can opt for a standalone own-damage cover to cover the losses suffered by your own vehicle.  
  5. Personal Accident Cover: 
    Personal Accident Cover is usually for the insured rider. The plan provides coverage of up to INR 15 lakhs for the driver-owner.

Given below is a table citing the percentage of compensation provided for any loss incurred by the insured due to an accident:
 

The Severity of the SituationLevel of Compensation
Death100%
Loss of sight of both eyes or two limbs or sight of one eye and one limb100%
Loss of sight of one eye or one limb50%
Permanent Full disablement from other injuries than named above100%

Important:

  1. As a standard guideline, the Motor Vehicles Act of 1988, makes it mandatory for all two-wheeler owners to sign-up for a third-party two-wheeler insurance policy.

        2. The Supreme Court and Insurance Regulatory and Development Authority of India (IRDA) issued a directive for new two-wheelers, whereby insurance companies are instructed to offer third-party liability coverage for five years.

Key Benefits For Universal Sompo Two-Wheeler Insurance

  1. Online Procedures
    One of the main advantages of having Universal Sompo Two-Wheeler Insurance is the easy and hassle-free procedures. From buying the policy to making a claim, everything can be done through the user-friendly online portal. Just visit the company website, provide the generic details and proceed. Making the payment is also simple and can be done through various electronic mediums. 
     
  2. Hassle-Free Claims
    When you buy an insurance policy for your vehicle, the aim is to get a claim in the easiest possible way. Universal Sompo Two-Wheeler Insurance offers a stress-free way of making a claim. When a claim is to be made, you need to get in touch with customer care and you would be guided through the procedures. Depending on the kind of garage you get your bike repaired in, your claim would be processed.
     
  3. Wide Network of Cashless Garages
    Another great benefit of Universal Sompo Two-Wheeler Insurance is that it offers a wide network of garages all across the country. There are over 3500 garages where you can take your two-wheeler for repair. The company would settle the bill directly. You would only have to pay for the uncovered expenses.
     
  4. Multiple Add-Ons
    If you wish to further enhance the own-damage cover on your two-wheeler, you have the option to include add-ons in your policy. Universal Sompo offers a long list of add-ons that can save you from almost all kinds of damages that your bike may undergo. The most popular add-ons by the company are listed below:

    a. Return to Invoice
    If the vehicle meets an accident or gets stolen during the period of insurance and can not be recovered, the company will pay the Invoice Price of the vehicle.

    b. Hospital Daily Cash
    If due to a two-wheeler accident you have to undergo hospitalization, the company will pay an amount of Rs 2,000 per day, for a maximum of up to 30 days.

    c. Accidental Hospitalization Clause For Family
    The company provides coverage for your family member against the risks of assault, or any other injury leading to Death/Permanent/ Total Permanent or Partial disability.

    d. Driving - Train Protect
    Under this rider the consequential damage to the internal child parts will be covered.

    e. Cost of Consumables
    The company bears the expenses incurred towards the replacement of consumable parts.

    f. Roadside Assistance for Two Wheelers
    The company is liable to provide roadside assistance in case the insured vehicle breaks down. The services such as flat tyre support, minor repair and breakdown support over the phone would be rendered.

    g. Engine Protector
    The company reimburses/indemnifies for expenses in repair or replacement due to consequential damages to the engine.

    h. NCB Protector
    Despite raising the claim, your NCB remains intact as this add-on cover helps in keeping your accumulated NCB protected.
     
  5. Efficient Customer Service
    Universal Sompo has very efficient customer care. The pro-active executives offer assistance 24/7. The toll-free number is available for your queries regarding claims, emergencies, or any questions related to your insurance.

What is covered in Universal Sompo Insurance plans?

The scope of coverage under the plan extends to the following parameters 

  1. Third-Party Liabilities
    Universal Sompo Two-Wheeler Insurance covers the third-party liabilities. The damages that are caused by your vehicle to a third-party person or property.
     
  2. Own-Damages
    The Comprehensive Two-Wheeler insurance plan covers third-party liability along with the damages which are incurred to your own bike. The policy would also cover the following damages:
    1. Damages caused to the bike due to accidents such as dents, scratches, broken parts, etc.
       
    2. Damage due to natural calamities,  such as lightning, flood, hurricane, storm, typhoon, hailstorm, inundation, cyclone, landslide, or rockslide, earthquake, tsunamis, etc.
       
    3. Damage caused because of man-made disasters for example self-ignition, fire explosions, terrorist activities, riots, strikes etc
       
    4. Theft of the two-wheeler will also be compensated
       
    5. Damage caused when the bike is in transit
       
  3. Add-Ons
    With a comprehensive policy, you have the option of including add-ons. By paying an extra premium you can enhance the coverage.

What Is Not Covered In The Universal Sompo Insurance Plans?

  1. Riding Under Intoxication
    The accident caused due to the intoxication of the driver of any alcohol or other banned drugs or medicine will not be reimbursed and thus, no claim shall be processed.
     
  2. Beyond Geographical Boundaries
    Accidents or damages that take place outside the geographical boundaries as mentioned in your insurance agreements will not be covered.
     
  3. Invalid Driver’s License
    An accident caused by a rider who does not have a valid license or is under 18 years of age can not be claimed for.
     
  4. Cost of Depreciation
    The cost of regular servicing of the two-wheeler is borne by the owner of the bike. Losses that occur due to the non-maintenance of the vehicle are not covered under the policy.
     
  5. Mechanical or Electrical Breakdowns 
    Mechanical or Electrical Breakdown of the insured two-wheeler will not be covered under Universal Sompo Two-Wheeler Insurance.
     
  6. Invalid Policy
    In case the policy is inactive or the policy has lapsed or expired, no claims shall be processed. Claims made during the grace period are also not accepted. 

How to Apply for a Universal Sompo Two-Wheeler Insurance policy?

  • Step 1: Visit the Universal Sompo Insurance Website
    When buying two-wheeler insurance for your bike, you first need to decide what kind of insurance plan you need for your vehicle. Visit the website of Universal Sompo Two-Wheeler Insurance, surf through the available plans and then choose the plan that best suits your requirement. Get the required quotes and settle for the most suitable policy for your two-wheeler. You can also choose add-ons as per your requirement.
     
  • Step 2: Fill in Your Details
    Once you select the plan, you need to fill in the generic details such as your name and contact details. You would also have to enter the details of your two-wheeler such as the make, model, and registration details.
     
  • Step 3: Attach the Documents
    Universal Sompo requires minimum paperwork and thus when buying a two-wheeler policy, you only need Valid ID Proof and some KYC documents. You can upload these documents along with the application form.
     
  • Step 4: Make the Payment
    You can make the payment through any of the given electronic mediums available such as net banking, UPI, debit/credit cards, Google Pay or through online wallets too. Once the payment is made, you would receive a soft copy of your policy instantly.

Universal Sompo Two-Wheeler Insurance Claim Process

  • Step 1: Reach out to the Insurer
    Inform the company about the damage and inform the need for repair. Remember to inform the insurer instantly, or within 24 hours of the accident.
     
  • Step 2: Upload Photos
    Make sure that you upload clear pictures of the damages. In addition to that submit pictures of all important documents such as:
    • Policy papers
       
    • Filled and signed claim form
       
    • Driver’s license
       
    • Registration certificate
       
    • Any other Document asked for
       
  • Step 3: Send the vehicle to a Network Garage
    Once the insurer verifies the documents and assesses the damages, send the vehicle to a network garage for evaluating the cost of repair. If found suitable and within the coverage limits, the insurer will make direct payment to the garage for the repairs, specifically under a cashless claim.

    Reimbursement Claim
    In case of a Reimbursement claim, once your documents and photos are found suitable and the expenses incurred are within the limits of the policy, the amount will be reimbursed to your bank account after you have borne the expenses from your pocket.

    Note:
    Please remember, the assessment of the damage and the evaluation of the cost of repair essentially must be done from a network garage to get a claim. If the repairs are done from a local garage that is not listed on the network garages of Universal Sompo Two- Wheeler Insurance, then the claim will not be valid. In case, you incurred an expense higher than the evaluated amount by the network garage, then the additional amount will have to be borne by you. Also, you will not get the claim if the amount of expense for repair exceeds the actual value of your two-wheeler.

Reviving a Lapsed/Expired Policy

Despite reminders from the insurer, if you fail to pay the premium on time, your two-wheeler policy would lapse or expire. If it is within the grace period, then you can simply pay the premium and revive your expired two wheeler policy.

In case the grace period has lapsed, get in touch with your insurance company as your policy has lapsed and cannot be reinstated online. The company will re-evaluate the condition of your vehicle and offer a new quote for the premium of a new policy. An assessor from the company will come to evaluate your two-wheeler. If the renewal is allowed, you would receive a notification from the company. You will be guided about the procedure to be followed.

Universal Sompo Two-Wheeler Insurance Two-Wheeler Insurance Contact Information:

Official Websitehttps://www.universalsompo.com 
Email ID

contactus@universalsompo.com  (for queries)

contactclaims@universalsompo.com (for claims)

Phone Number

+91-22-27639800 

+91-22-39133700

Toll-Free Number

1-800-22-4030     (For MTNL & BSNL Numbers) 

1-800-200-4030   (For others)

Company Address Universal Sompo General Insurance Company Limited, Plot No – EL-94, KLS Tower, TTC Industrial Area, MIDC, Mahape, Navi Mumbai 400710

Universal Sompo Two-Wheeler Insurance Review

Only when you know about the diverse perks that come with two-wheeler insurance, you would be able to see how important it can be. It is more of a necessity than just enforcement. 

Universal Sompo two-wheeler insurance is known to offer one of the best services. The company has a large network of garages. When you buy an insurance policy for your two-wheeler Universal Sompo gives you access to over 3500+ network garages which provide an efficient and smooth service. With various branches across India, you would never be far from the company’s network.

FAQs - Universal Sompo Two-Wheeler Insurance
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