Universal Sompo Third Party Bike Insurance

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Suitable insurance is one of the compulsory elements to drive your dream two-wheeler on the Indian roads. The bike insurance fulfills the legal obligation stipulated under the Motor Vehicles Act of 1988 and subsequent amendments and protects road risks. The Universal Sompo third-party bike insurance is a sensible choice as it is compulsory according to the land’s law. But, on the flip side, the policy covers only third-party liabilities for injury and property damage in an accident involving the insured vehicle.

How does Universal Sompo Third Party Insurance Policy Work?

The Universal Sompo General Insurance delivers the policyholder an enriching experience while seeking their services through a total digital operating environment.   With the Universal Sompo two-wheeler insurance third-party coverage extending to all liabilities – legal and financial, you are on safe grounds while driving. In addition, the Universal Sompo 3rd party bike insurance comes at an affordable premium, albeit with limited risk cover. 

Universal Sompo Third Party Bike Insurance Vs. Comprehensive Bike Insurance

While the third party policy of Universal Sompo bike insurance is compulsory, it is sensible to buy a comprehensive policy that covers the loss and damages to the vehicle and  policyholder.  

Parameter Third Party Two Wheeler InsuranceComprehensive Two Wheeler Insurance
Coverage Physical and legal liabilities confined to the third party only.Own-damage and third-party liabilities – financial and legal.
Legal Obligation It is compulsory. It is optional based on your risk perceptions.
Add-on Not available. You can choose from a range of add-ons on offer.
Premium Cost Comparatively lower.The premium cost is higher due to the extensive coverage. 

How to Buy Universal Sompo Third Party Bike Insurance?

You can buy the Universal Sompo third-party bike insurance online at their official portal or an aggregator’s website extending the facility. The steps to purchase the policy are user-friendly, and navigation is simple in the following sequence.

  1. Visit the website and click on the “Buy Now” button after selecting two-wheeler insurance. 
  2. Enter basic information like the two-wheeler number, phone number, location from the dropdown menu, and your email ID.
  3. Then confirm the input to proceed and receive the quote.
  4. Finally, pay the premium online to complete the purchase of Universal Sompo third-party two-wheeler insurance.

Alternatively, you can request a call back providing your name and the contact number for the insurer representative to get in touch with you. However, the two-wheeler dealer bundles the first insurance policy during the sale process preventing the owner from the hassle of buying the policy separately for legal compliance. 

What All is Covered Under Universal Sompo Third Party Bike Insurance Policy?

We already understand that the scope of Universal Sompo two-wheeler third-party insurance is limited to the following coverage:

  • Financial Liabilities: The Universal Sompo bike insurance third party policy covers monetary loss sustained by the third-party property or vehicle caused in an accident involving your insured bike. 
  • Physical Injury: On the other hand, the insurer absorbs the compensation payable to the third parties for bodily harm and injuries suffered in a mishap or collision involving the insured two-wheeler. The coverage also includes death and disability resulting from the accident. 

What All is not Covered Under Universal Sompo Third Party Bike Insurance Policy?

While it is essential to know the inclusions in the Universal Sompo third-party bike insurance, you must know the exclusions also to ensure a seamless claim experience. Accordingly, the exclusions to consider are:

  • Any damages or loss suffered by the insured vehicle in accidents or otherwise.
  • There is no financial compensation to the policyholder suffering injuries in an accident.
  • Normal wear & tear and mechical & electrical breakdown of the vehicle.
  • Damages occured while driving the vehicle without valid driving licence/policy.
  • Damages occured under the influence of drugs or alcohol.
  • Damages occured outside the geograhical location.

Key Benefits of Purchasing Universal Sompo Third Party Bike Insurance

  • Complies with the legal obligation as per stipulations in the Motor Vehicles Act of 1988 encouraging safe driving practices.
  • The liability-only policy provides financial and legal aspects in its entirety if your insured two-wheeler causes damages to the third party.
  • The premium is affordable as the coverage is limited. You can further reduce the cost by opting for the Universal Sompo third-party bike insurance for longer terms, up to three years.
  • The insurer operates a wholly digital environment providing the policyholder comfort in purchase, renewal, and claim settlement in three steps. 

Universal Sompo Third Party Bike Insurance Review

Universal Sompo General Insurance providing two-wheeler insurance, enjoys wide patronage among the policyholders. The company boasts a 91% Claim Settlement Ratio with wide network garages with a pan India presence providing quality cashless services. In addition, the insurer offers a dedicated customer support system operating 24/7 for instant assistance in case of need embracing a customer-first approach. 

Universal Sompo Third-party Bike Insurance FAQs

  • 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. 

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