Universal Sompo Standalone Own Damage Bike Insurance

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The third-party bike insurance policy’s scope is limited though it is compulsory according to the Motor Vehicles Act of 1988. But, on the other hand, you face many uncertainties while driving besides damage to the policyholder and the insured two-wheeler. So, consider the Universal Sompo standalone bike insurance to enlarge the coverage ambit from third-party liabilities to provide umbrella protection to your bike and self. In addition, the long-term bike insurance provides an own-damage component during the first year while continuing with the third-party coverage until the end of the policy term. 

Universal Sompo Standalone Two Wheeler Insurance - How does It Work?

The standalone policy of Universal Sompo two-wheeler insurance covers perils and damages in accidents besides natural or artificial risks. In addition, you can choose a host of add-on insurance covers against a nominal additional cost. Therefore, the own-damage standalone policy provides comprehensive coverage along with your mandatory third-party bike insurance. You are thus protected from hazards regardless of their occurrence in mishaps. Moreover, you can tailor the insurance policy according to your specific requirements and budget without compromising protection. 

Universal Sompo Standalone Two Wheeler Insurance Vs Third Party Two Wheeler Insurance Vs Comprehensive Two Wheeler Insurance

A comparison between the different two-wheeler insurance policies lends greater clarity about them. Thus, you can make an informed choice to purchase a good bike insurance policy. 

BasisThird-partyOwn-damageComprehensive
Coverage Limited to third- party financial and legal liabilities.Umbrella protection for the man and bike in accidents and other disasters.Own-damage safety, in addition to third-party liabilities
Add-on Option Not available Available Available 
Premium Cost Cheapest Costlier Costliest 
Legal Status Compulsory Optional Optional 

Universal Sompo Standalone Two Wheeler Insurance - What All are Inclusions Under the Policy?

The crucial factor determining the choice of suitable bike insurance is policy inclusions. The Universal Sompo two-wheeler standalone insurance provides extensive coverage that further augments with add-ons per the indicative list.

  • Own damages
  • Fire, explosion, lightning, and self-ignition
  • Theft or  burglary
  • Riot, strike, arson, terrorism, and vandalism
  • Earthquakes, floods, cyclones, rain, hailstorm, and other natural calamities
  • Malicious human acts
  • In transit using the road, rail, water, and air transport
  • Depreciable parts like tyres, tubes, nylon, plastic, batteries, and glass components after graded deductions
  •  A host of add-on covers like depreciation waiver, loss of documents, no claim bonus protector, daily hospital cash, etc. 

Universal Sompo Standalone Two Wheeler Insurance - What are the Exclusions?

Though the knowledge of inclusions is vital for making an informed choice, knowing about inclusions is critical for a seamless claim settlement experience. Therefore, you must browse the fine print thoroughly to learn about them. The indicative list below gives a partial insight. 

  • Third-party liabilities
  • Loss and damage sustained outside the geographical coverage area
  • Loss or damage due to contractual liability
  • Loss or damage arising from a violation of the limitations clause
  • Loss or damage due to normal wear and tear and ageing
  • Claims arising due to consequential loss
  • Driving without a valid licence or under the influence of alcohol, intoxicants, drugs, or narcotics

Universal Sompo Standalone Two Wheeler Insurance Benefits

The most significant advantage of the Universal Sompo two-wheeler standalone insurance is its extensive coverage regardless of the loss and damages resulting from accidents. So, let us check the benefits that await you on purchasing the Universal Sompo two-wheeler standalone insurance policy:

  • Coverage includes loss sustained due to natural calamities, human-engineered disasters, fires and explosions, besides several situations like theft, housebreaking, burglary, and in transit using any transport form.
  • The insurer offers many unique add-on options to enhance the coverage at a nominal cost further.
  • You earn a no claim bonus reward for adopting safe driving practices leading to claim-free years. In addition, you can accumulate a bonus of up to 50% for a substantially reduced premium while renewing the policy. 
  • Universal Sompo operates in a digital environment, swiftly providing its range of services online. In addition, their robust customer care mechanism resolves purchase, renewal, and claim issues quickly.

Universal Sompo Standalone Two Wheeler Insurance Review

Universal Sompo General Insurance has been operating in India since 2007. It enjoys wide patronage among two-wheeler owners while servicing over 12 lakh policies. The Universal Sompo standalone bike insurance policy stands out for its extensive coverage and add-on offers for all-around protection. In addition, you can seek cashless claims in over 3500 network garages with a pan India presence. Finally, the claim experience signifies its claim settlement ratio, touching nearly 91% at the end of 2020.  

Universal Sompo Standalone Bike Insurance FAQs

  • 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.

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