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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 Ofered by Universal Sompo Two-wheeler Insurance
- 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.
- 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.
- 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:
- Third-Party liabilities
- Natural Disasters
- Man-Made Disasters
- Theft of the two-wheeler
- Damage caused when the bike is in transit
- 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.
- 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 Situation||Level of Compensation|
|Loss of sight of both eyes or two limbs or sight of one eye and one limb||100%|
|Loss of sight of one eye or one limb||50%|
|Permanent Full disablement from other injuries than named above||100%|
- 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.
- 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
- 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.
- 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.
- 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.
- 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:
- 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.
- 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.
- 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.
- Driving - Train Protect
Under this rider the consequential damage to the internal child parts will be covered.
- Cost of Consumables
The company bears the expenses incurred towards the replacement of consumable parts.
- 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.
- Engine Protector
The company reimburses/indemnifies for expenses in repair or replacement due to consequential damages to the engine.
- 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
- 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.
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:
- Damages caused to the bike due to accidents such as dents, scratches, broken parts, etc.
- Damage due to natural calamities, such as lightning, flood, hurricane, storm, typhoon, hailstorm, inundation, cyclone, landslide, or rockslide, earthquake, tsunamis, etc.
- Damage caused because of man-made disasters for example self-ignition, fire explosions, terrorist activities, riots, strikes etc
- Theft of the two-wheeler will also be compensated
- Damage caused when the bike is in transit
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?
- 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.
- Beyond Geographical Boundaries
Accidents or damages that take place outside the geographical boundaries as mentioned in your insurance agreements will not be covered.
- 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.
- 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.
- Mechanical or Electrical Breakdowns
Mechanical or Electrical Breakdown of the insured two-wheeler will not be covered under Universal Sompo Two-Wheeler Insurance.
- 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.
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.
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:
email@example.com (for queries)
firstname.lastname@example.org (for claims)
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.
Add ons for your Two Wheeler Insurance
Universal Sompo Two-wheeler Insurance FAQs
1. Does the premium amount increase for my policy after a claim is processed?
The change in premium amount does not depend individually on claims. It depends on other factors like the model of the vehicle, the nature of the policy, etc.
2. How do I get the claim form and the cashless list of garages?
You need to visit the official website of Universal Sompo Insurance Company to download the claim form. The list of cashless garages is also available on the website.
3. How can I register my Two-Wheeler Insurance claim?
You need to intimate your claim through customer care. You can either call them or send them an email. An intimation can also be made online.
4. Are Add-ons available with the Two-wheeler insurance plans?
Yes, add-ons are available with the two-wheeler insurance plans like Nil Depreciation cover, Return to Invoice, Daily Cash Allowance benefit, Manufacturer's Selling Price / On Road Price, Loss of Driving License, Additional Accidental Injury Compensation(Owner), Winder PA Benefit (Owner), Accidental Hospitalization cover for Family, Hospital Daily Cash, Additional Accidental Injury Compensation (Family), Driving - Train Protect (Cover for Child parts of Engine, Differential and Gearbox), Cost of Consumables, Roadside Assistance for Two Wheelers, Engine Protector as well as NCB Protector.
5. What is No Claim Bonus (NCB) in Long-term Two-Wheeler Policy?
Under circumstances where the policyholder does not make any claim, no claim bonus accumulates. The accumulated NCB offers a lucrative discount in the policy premium of two-wheeler insurance if not claimed. The first claim-free NCB can fetch a discount of 20% in the upcoming premium, The maximum NCB that can be availed is 50%.
6. What is the Incurred Claim Ratio for Universal Sompo Insurance Two-Wheeler Policy?
The incurred claim ratio for motor insurance recorded by Universal Sompo in the financial year 2018-19 is 88%.
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