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Universal Sompo Bike Insurance FAQs
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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%.
1. When is the ideal time for Universal Sompo’s two-wheeler insurance renewal?
The ideal time to renew the two-wheeler insurance policy is before the validity date expires. You earn a reduced premium and continue with the coverage uninterrupted.
2. When do you receive the Universal Sompo’s two-wheeler policy renewal document for paying with a cheque?
After cheque realization, the insurer generates the policy document and mails it to the registered email address.
3. Is there any grace period for Universal Sompo’s two-wheeler policy renewal?
The usual grace period for renewal of the two-wheeler policy is 30 days from the expiry date without losing the insurance coverage.
4. How does an ARAI-certified anti-theft device impact the Universal Sompo two-wheeler policy renewal?
The insurer allows you an additional discount on the premium if you install an ARAI-certified anti-theft devise on the insured two-wheeler.
5. Do the add-on covers in the existing policy automatically carry over during renewal?
You must choose the add-on covers anew for inclusion in the policy during the renewal process.
1. Is there any limit for Universal Sompo’s two-wheeler insurance claim during the policy term?
Universal Sompo permits any number of claims during the policy term subject to the conditions of the two-wheeler insurance policy.
2. How do you check the Universal Sompo two-wheeler insurance claim status?
You can check the claim status online at the Universal Sompo website by feeding the requisite information in the “Track Status,” including the claim registration number.
3. How much is the financial liability for third-party property loss under Universal Sompo’s two-wheeler insurance policy?
The insurer’s maximum liability for third-party property loss is INR 7.5 lakh.
4. What are the options for a two-wheeler insurance policy tenure at Universal Sompo?
You can purchase Universal Sompo’s two-wheeler insurance policy for one, two, and three-year terms. And, for five years in case of first-time buyers.
5. Where do you get the Universal Sompo two-wheeler insurance claim form?
You get the Universal Sompo two-wheeler insurance claim form in the insurance kit, or you can download it from their website.
1. How can you access the Universal Sompo bike insurance policy document online?
You can access the relevant bike insurance policy document at Universal Sompo’s official website. But first, you must register and feed the insurance policy details to access the policy document online.
2. Are your two-wheeler details available in the Universal Sompo’s bike insurance policy document?
Yes, the insurance policy document provides detailed information about the insured two-wheeler. The records include make, model, capacity, engine, and chassis number.
3. After renewal, do you need to use the Universal Sompo two-wheeler insurance policy download?
It is mandatory to show the latest insurance policy document on demand to the police to scrutinize its validity. Accordingly, use the download function for the latest policy document for compliance.
4. What kind of information is available on the mParivahan application?
The information displayed on the mParivahan platform summarizes the mandatory documents stating their validity date. The application displays information about all the required documents.
5. Is it compulsory to show a hard copy of the Universal Sompo bike insurance policy document when the police demand it?
No, the soft copy is sufficient to comply with the request. However, you must show the hard copy for failure to display the soft copy of the policy document.
Add On Covers
1. Is there any limit to the selection of Universal Sompo two-wheeler insurance add-on covers?
Add-on is optional in a two-wheeler insurance policy, and accordingly, you can choose according to your risk perception or none if not suitable.
2. When do you select Universal Sompo two-wheeler insurance add-on covers online?
You can select the Universal Sompo two-wheeler insurance add-on covers online while purchasing or renewing the policy. However, your premium quote depends on the number of chosen add-ons as they invite an additional cost.
3. What are the discounts offered in Universal Sompo two-wheeler insurance policy?
You can reduce the premium through Universal Sompo two-wheeler insurance policy discounts:
- For choosing higher voluntary excess.
- Concessions for the specially adapted vehicles for the benefit of the blind, disabled, and mentally challenged individuals.
- When depreciable parts for replacement are defined.
- Installation of ARAI certified anti-theft devices.
4. Is it obligatory to purchase Universal Sompo bike insurance add-on covers?
No, it is not obligatory to purchase an add-on cover for your Universal Sompo bike insurance add-ons. However, the choice is yours depending on your requirement and budget.
1. How do you determine the financial liability under the Universal Sompo comprehensive bike insurance policy?
The insurer’s financial liability towards the policyholder is up to the Insured Declared Value (IDV) mentioned while purchasing the policy.
2. When should you renew your Universal Sompo comprehensive bike insurance policy?
It is best to renew the policy well before the expiry date to prevent losing coverage benefits.
3. What is the eligibility criterion for purchasing the Universal Sompo comprehensive bike insurance policy?
The only criterion for purchasing the Universal Sompo comprehensive bike insurance policy is that your two-wheeler must first register with the local RTO.
4. Is there any bar on the number of add-on covers while buying the Universal Sompo comprehensive bike insurance policy?
There are no bars on purchasing add-on covers in the Universal Sompo comprehensive bike insurance policy against an additional premium.
1. How much is the financial liability of the Universal Sompo in meeting third-party property damage?
The third-party two-wheeler insurance policy coverage is limited, and accordingly, the compensation for third-party property damage is a maximum of INR 7.5 lakh.
2. When is the best time to renew your Universal Sompo third-party bike insurance?
You must renew the third-party two-wheeler insurance well before the expiry date to avoid legal and financial penalties while driving. However, you also get a 30-day grace period for renewal, during which the insurance cover is in abeyance.
3. Can you transfer your third-party two-wheeler insurance from another insurer to Universal Sompo?
Yes, you can transfer your policy from existing insurer to Universal Sompo.
4. Can you transfer your Universal Sompo two-wheeler insurance to the new bike owner?
Yes, you can transfer the two-wheeler insurance to the new bike owner.
5. Is there any provision for a no claim bonus while renewing your Universal Sompo two-wheeler third-party insurance online?
The no claim bonus is a reward for adhering to safe driving practices, and it accumulates up to a maximum of 50%. However, the third-party two-wheeler insurance does not provide any no claim bonus facility at renewal.
1. Do you need to choose the Universal Sompo two-wheeler insurance zero-dep add-on while renewing the policy?
You need to choose the zero-dep add-on every time you renew the policy to continue with the facility uninterrupted.
2. Is the zero depreciation available with the third-party two-wheeler insurance policy?
No, you must buy the own-damage or the comprehensive two-wheeler insurance policy to avail of the zero-dep add-on coverage.
3. Do you get the entire claim amount under the Universal Sompo two-wheeler zero-dep insurance?
No, the cost of deductibles will not be covered under this add-on. Else, you get the total or maximum claim amount depending on the terms and conditions of the add-on and meeting the requirements.
4. Are compulsory deductibles applied to the claims under the Universal Sompo two-wheeler insurance zero-dep policy?
The zero-dep add-on coverage compensates only for the parts depreciation but not for the compulsory deductibles.
5. Is the Universal Sompo 0-dep bike insurance available only for new bikes?
The add-on is available for new bikes and those less than five years old.
1. What discounts and concessions does the Universal Sompo two-wheeler insurance standalone policy offer?
Universal Sompo two-wheeler insurance standalone policyholders stand to gain through a reduced premium in the following.
- Premium discount for opting for a higher voluntary excess.
- Premium discount for installation of ARAI-certified ant theft device on the insured two-wheeler.
- NCB discounts through not making any claim through the policy tenure.
- Particular concession for two-wheelers modified and designed for the visually impaired, physically and mentally challenged individuals.
2. Is it necessary to purchase the third-party and own-damage standalone insurance policies from the same insurer?
There is no bar for purchasing insurance policies from same insurer.
3. How does the depreciation waiver add-on benefit the Universal Sompo standalone bike insurance policyholder?
The depreciation waiver add-on compensates the claim ignoring the depreciation factor to settle the maximum amount minus the compulsory deductibles.
4. When is the ideal time to renew the Universal Sompo standalone bike insurance policy?
The best time to renew the Universal Sompo standalone bike insurance policy is before the expiry date to continue with uninterrupted coverage and avoid legal hassles.
5. How is total loss defined in the Universal Sompo standalone bike insurance policy?
According to the policy document, a total loss means damages where repairs consume 75% of the IDV.
Add ons for your Two Wheeler Insurance
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