Universal Sompo Two Wheeler Insurance Renewal

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You cannot do without a two-wheeler insurance renewal to continue with the protection from road perils. Moreover, you must comply with the Motor Vehicles Act of 1988, making at least the third-party two-wheeler insurance compulsory. Moreover, most insurers offer long-term two-wheeler insurance policies to prevent the hassle of annual renewal as delinquency is rampant among two-wheeler owners. Thus, the Universal Sompo two-wheeler renewal in time saves you from penalties while protecting the man and machine. So, let us first understand the fundamentals of two-wheeler policy renewal. 

Universal Sompo Two Wheeler Insurance Renewal – Inclusions

The renewal of the comprehensive two-wheeler insurance policy is necessary for primarily complying with the legal obligations and protection from on-road hazards. The coverage includes:

  • Compensation from perils of fire, explosion, shockwaves, and many more
  • Damages caused by natural calamities
  • Malicious acts engineered by humans
  • Theft, burglary, and damages caused during transit using road, rail, water, and air transport
  • Third-party liabilities 

Universal Sompo Two Wheeler Insurance Renewal – Exclusions

You must know the policy exceptions for a hassle-free claim settlement.  Therefore, check the following clauses while undertaking the renewal of Universal Sompo bike insurance.

  • Consequential and normal wear and tear loss
  • Accidents occurring outside the geographical coverage area
  • Driving without a valid licence or under the influence of intoxicants
  • Violation of the limitations clause

Universal Sompo Two Wheeler Insurance Renewal – Add-ons

Universal Sompo offers a variety of add-on covers to enhance the standard coverage in their two-wheeler policy against an additional cost. However, choose them wisely during the Universal Sompo renewal two-wheeler policy, meeting your specific requirements and budget. 

  • Universal Sompo Two Wheeler Insurance Renewal – Points to Note:
  • Choose from the two-wheeler policies on offer by Universal Sompo, depending on your risk perception, driving habits, and location. 
  • Choose the required add-on covers depending on your budget as the feature is optional, helping to augment the coverage. 
  • Ensure that the “No Claim Bonus” is applied to reduce the renewal premium.
  • Check the IDV (Insured Declared Value)  as the policy renewal premium depends on it.

Universal Sompo Bike Insurance Policy Renewal - Online Process

The operational environment at Universal Sompo is wholly digital, covering every aspect of its services. Accordingly, the Universal Sompo two-wheeler insurance renewal online is convenient and swift in a few well-defined steps. The process at the insurer portal is a two-step affair needing only the existing policy number. First, however, follow the steps in the sequence below to renew the policy at the aggregator’s portal.

  • Open the two-wheeler insurance renewal form and choose the insurer of your choice.
  • Enter the vehicle’s registration number and other prompted information.
  • Next, select the two-wheeler policy. 
  • Then, pick the add-ons on offer and update the IDV. Ensure that the IDV is 10% lower than the previous year.
  • You will receive the premium quote upon submission.
  • Approve and pay the premium using the available payment solutions to generate the policy document.
  • Download the  renewal document for your records and future reference.

Universal Sompo Bike Insurance Policy Renewal - Offline Process

Not every policyholder is tech-savvy to use the Universal Sompo two-wheeler insurance renewal online facility. Therefore, you can renew the policy offline through the following steps.

  • Visit the nearest Universal Sompo office and obtain the relevant renewal form. 
  • Fill out the application with the necessary details and submit the supporting documents.
  • Pay the premium in cash or any other payment solution of your choice.
  • Receive the renewed policy document for your records.

Universal Sompo Bike Insurance Renewal Benefits

There are no two opinions that the Universal Sompo two-wheeler policy renewal online is a compulsion. In addition, you accrue several benefits by renewing the two-wheeler policy. 

  • Ensured Coverage: The two-wheeler insurance renewal in time is essential to continue with the coverage while fulfilling your legal responsibilities. You are open to imposing a penalty for driving without a valid or expired insurance policy, not to mention the financial liabilities arising from an accident or theft. 
  • No Claim Bonus Transfer: The No Claim Bonus (NCB) accumulates up to 50% in five years, substantially reducing the premium. In addition, you do not lose the NCB benefit for switching insurers during the Universal Sompo bike insurance renewal process. 
  • Policy Comparison: The facility is handy when you opt for the Universal Sompo two-wheeler insurance renewal online process. Apart from the insurer offers, you can try various combinations and add-ons to tailor your insurance policy to match your specific needs. 
  • Tailored Policy: The renewed two-wheeler policy is new, and you can tailor the inclusions to match the circumstances. For example, if you have an existing third-party two-wheeler policy, you can choose the comprehensive policy during renewal. Alternatively, if the third-party insurance policy is long-term, you can select the standalone own-damage policy for umbrella protection. 

Universal Sompo Two Wheeler Insurance Renewal FAQs

  • 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. 

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