About Universal Sompo General Insurance Company
Universal Sompo General Insurance Company is the result of a joint venture between Indian Bank, Karnataka Bank, Indian Overseas Bank, Dabur Investment Corporation and leading Japanese insurance company - Sompo Japan Nipponkoa Insurance Inc. The company has its headquarters in Mumbai.
With the backing of the Japanese insurance expert, three major Indian banks as well as a major investment company, Universal Sompo General Insurance Company is ideal for those looking for power-packed motor insurance policies. They are loaded with amazing coverage benefits that are provided efficiently and quickly.
Key Features of Universal Sompo Car Insurance
|Features||Coverage and Benefits|
|Incurred claim ratio||87.96%|
|Personal Accident Insurance||Up to 15 Lakhs|
|No Claim Bonus||Yes|
Benefits of Universal Sompo Car Insurance
Universal Sompo car insurance has certain features and benefits, which are given below:
- Easy and smooth policy buying process with quick and minimal documentation
- A network of certified workshops or garages, all over India with cashless claim settlements.
- Claim assistance is provided 24/7 by a team of specialized and highly trained customer support specialists
- Availability of No Claim Bonus discount with all Universal Sompo motor insurance plans
- Discount for specially designed/ modified vehicles for blind, handicapped and mentally challenged people
Types of Universal Sompo Car Insurance Policy
Universal Sompo General Insurance Company offers three major types of four-wheeler insurance plans. These are:
1. Third Party Liability Car Insurance
Under a Third Party car insurance policy, the policyholder receives compensation against any accidental damage sustained by the third party due to the insured car. These damages can be bodily injury or death and property damages of the third party.
A liability-only car policy provides compensation in full for death or injury to the third party while for property damages, the compensation is limited to Rs. 7.5 lakh. However, any damage to the insured car is not covered under this four-wheeler policy.
2. Standalone Own Damage Car Insurance
The Standalone Own Damage car policy is designed to cover own damages sustained by the insured car due to unforeseen events like a road accident, theft, fire, natural calamities, etc. This motor policy can be purchased to extend the coverage for the car in addition to a third party liability policy.
3. Motor Private Car Insurance Policy
With a Motor Private Car or comprehensive car policy, a policyholder can cover the insured car against damages arising out of events like accidents, earthquakes, fire, robbery, etc. Furthermore, this car policy also covers the insured car against third party liabilities like injury, death or property damages of the third party.
A comprehensive car policy offers a wider coverage that can be further extended by purchasing add-ons on payment of an additional premium.
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Universal Sompo Car Insurance Premium Calculator
By using a car insurance premium calculator, a policyholder can ascertain and compare the premium of the Universal Sompo car insurance plans before purchasing one. It helps him/her know the cost of the car policy and decide whether it fits within his/her budget or not.
Coverage Under Universal Sompo Car Insurance
- Natural Calamities: Damages due to calamities that are natural in origins, such as earthquakes, floods, etc.
- Manmade Acts: Loss or damage to the car due to manmade activities, such as riots, malicious acts, strikes, terrorist activity, etc.
- External Means: Damages to the insured car due to an accident by external means
- In-transit Damages: Damages caused while the insured car is in transit by road, rail, lift, inland waterway, elevator or air
- Third Party Liability: Damages to the third party, and injury or death of the third party due to an accident caused by the insured car
- Fire: Loss to the insured car due to events like fire, explosion, lightning or self-ignition
- Burglary: Damages caused to the insured vehicle due to theft, burglary or housebreaking
- Wear and Tear: Damages to the insured car due to the wear and tear that occurs over time
- Outside Geographical Location: Damages caused when the insured car was being used outside of the geographical limits of India
- Drunk Driving: Liabilities that occur when the driver of the insured vehicle is under the influence of intoxicants, drugs or alcohol
- Invalid Driving License: Damages caused when the insured car is driven without a valid driving license
- Commercial Use: Damages caused if a private insured car is being used for commercial purposes
- Contractual Liability: Claims arising out of any contractual liability
- Breakdown: Damages to the insured vehicle due to electrical or mechanical breakdown
- Nuclear Peril: Damages and losses caused due to nuclear fission, or civil war.
Universal Sompo Car Insurance Add-Ons
The policyholders can also opt for additional covers that can enhance the coverage of their car insurance policy. These add-on covers are:
Under this add-on cover, policyholders may avail of an amount equivalent to the invoice price of the insured car, in case of its total loss or theft. Here the compensation will be equal to the invoice value along with registration cost, road tax plus insurance premium.
Under a Daily Cash Allowance benefit, a daily allowance is provided to the policyholder till the time the insured car is undergoing repairs.
An Engine Protector add-on cover provides compensation for repairing or replacing the engine or its parts, such as the gearbox of the insured car, in case of an unforeseen accident.
A policyholder may opt to purchase a Depreciation Waiver cover that pays for the depreciation borne by the repaired or replaced items of the insured car. It provides 100% repayment on the depreciation of the insured car and all its parts except tyres, tubes and batteries, which are covered at 50%.
The Hospital Daily Cash cover provides a daily cash limit of up to Rs. 2,000 to the policyholder, for a maximum of thirty days of hospitalization.
The policyholder may opt for compensation under the Accidental Hospitalization Clause for Family in case the car owner and/or his family members are hospitalized due to a car accident.
The Key Replacement add-on cover compensates the policyholder in case the keys of the insured car are lost, stolen or broken.
This add-on provides coverage if the insured vehicle suffers a breakdown on the road. Some roadside services include fuel delivery, minor repairs, flat tyre support, etc.
This add-on cover provides compensation against the cost of replacing or refilling consumables used in the insured car. Consumable items include engine oil, nuts, screws, etc.
Under this add-on cover, the insurance company will compensate for the loss of personal belongings that were present in the insured vehicle at the time of the accident.
This add-on cover allows a policyholder to retain the No Claim Bonus discount earned even after he/she has made a claim in the policy year.
Explore add-ons for your car insurance
How to File a Claim Under Universal Sompo Car Insurance?
To file a car insurance claim with Universal Sompo General Insurance Company, you can follow the steps mentioned below:
- Intimation: The first step is to intimate the insurance company about the incident so that a claim can be registered.
- Surveyor Appointment: A surveyor will be assigned by the insurer to assess the damages sustained by the insured vehicle.
- Documents Verification: Make sure to keep all the relevant documents with you for verification purposes.
- Claim Settlement: Once the repairs are done, the insurance company will settle the claim with the network garage. Under a reimbursement claim, the claim amount will be reimbursed after you have got the repairs done in a non-network garage and settled the bill in full.
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Documents Required to Raise a Claim Under Universal Sompo Car Insurance
The documents required to raise a claim under Universal Sompo car insurance are mentioned below:
- Duly signed claim form
- Original bills, receipts of repairs
- Copy of driving license
- Copy of registration certificate
- A copy of car insurance papers.
- A copy of the Police FIR.
How to Renew Universal Sompo Car Insurance?
Visit the official website of Policybazaar Insurance Brokers Private Limited and follow the steps mentioned below to renew Universal Sompo car insurance online:
- Go to the Car Insurance page from the Insurance Products tab
- In the given form, enter your car number and proceed forward.
- Enter your existing motor policy expiry date and previous claim details
- From the mentioned plans, select the Universal Sompo car insurance renewal plan.
- Select additional covers and proceed with premium payment
- Verify the rest of the details on the next page
- Pay the premium for Universal Sompo car insurance renewal using bank cards, UPI or net banking
- After the payment completion, you will successfully renew the Universal Sompo car insurance policy online. The renewal documents will, then, be sent to your registered email address.
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Ans: You can pay Universal Sompo motor insurance premium online via Policybazaar.com using net banking, debit/credit cards and UPI.
Ans: You can check the Universal Sompo car insurance policy details online or by calling on the toll-free number. If you are a registered user, simply log in to the e-portal with your username and password.
AnsUniversal Sompo General Insurance Co. Ltd. takes 7 business days to settle claims for minor accidents. You need to submit the mandatory hospitalization bills and reports in addition to the claims application and submit the same to the Claims department. The claim amount will be directly debited into the bank account of the policyholder.
Ans: You get a free look period of 15-days in which you can cancel the policy and the premium will be deposited in your bank account, post deduction of incurred charges on your medical examination and the stamp duty charges. You can either send an email to the insurer or call them to get your policy cancelled.
Ans: Yes, you can reduce the premium of your Universal Sompo motor insurance policy by opting for the following discounts:
- Voluntary Deductibles
- Automobile Association Membership
- No Claim Bonus
- Installing Anti-theft Devices
Cashless Garages across India
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Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.