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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.
Add ons for your Two Wheeler Insurance
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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