While driving is an optional privilege that not many can experience in India, buying third-party car insurance is certainly mandatory in case one shares the luxury of owning a vehicle.
The Motor Vehicles Act is an important piece of legislation that has mandated opting for at least a third-party car insurance policy if you own and drive a vehicle on Indian roads.
All vehicle owners must not only drive responsibly on the roads but also carry a valid car insurance policy that will protect them and other vulnerable third parties from any unplanned accidents in the future.
Here is the difference between Universal Sompo third-party car insurance and comprehensive car insurance plans:
Features |
Third-Party Car Insurance |
Comprehensive Car Insurance |
Availability of coverage |
Universal Sompo Third-Party car insurance offers to cover up to Rs. 7.5 lakh along with cover for death or bodily injury to the third-party |
Alongside providing coverage for liabilities arising out of third-party damages, the comprehensive car insurance policy also offers coverage for owner’s damage incurred |
Add-on covers |
Not applicable with a third-party car insurance policy |
For enhanced coverage , you can opt for add-on covers under comprehensive insurance such as Engine Cover Protection, Zero Depreciation, etc. |
Premium cost |
Being the most basic insurance policy, it is relatively cheaper than comprehensive insurance |
Higher cost as compared to third-party insurance due to wider coverage offered |
Legal requirement |
Mandatory by the law |
Optional |
With Universal Sompo third-party car insurance, you are covered from any unforeseen third-party liability that would arise out of death/injury or property damage of a third party from your 4-wheeler. This policy helps you drive with peace of mind on the road as it secures you from any unplanned financial burdens.
Universal Sompo third-party car insurance provides coverage for the following damages:
Following are some of the exclusions under the third-party car insurance plan provided by Universal Sompo General Insurance Company:
Bajaj Allianz Third Party Car Insurance
Chola Ms Third Party Car Insurance
Digit Third Party Car Insurance
Future Generali Third Party Car Insurance
HDFC Ergo Third Party Car Insurance
IFFCO Tokio Third Party Car Insurance
Kotak Mahindra Third Party Car Insurance
Liberty Third Party Car Insurance
Magma HDI Third Party Car Insurance
National Third Party Car Insurance
New India Assurance Third-Party Insurance
Oriental Third Party Car Insurance
Raheja QBE Third Party Car Insurance
Reliance General Third-Party Car Insurance
Royal Sundaram Third-Party Car Insurance
SBI General Third-Party Car Insurance
Shriram Third Party Car Insurance
Tata AIG Third Party Car Insurance
United India Third-Party Car Insurance
Zuno Third Party Car Insurance
Yes, the model’s make, year of manufacture, engine CC, and overall performance have a direct impact on the cost of the third-party plan
No, the No-Claim Bonus is a reward that is awarded only in the case you buy a comprehensive car insurance policy.
Universal Sompo General Insurance Co. Ltd. Offers the following 3 modes for premium payment:
The company takes a minimum of 7 business days to settle a claim for your third-party car insurance in the case of an accident. The claim process is initiated once you submit all necessary bills including the ones incurred at the hospital or a garage. The amount is directly reimbursed in the bank account of the insured.
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
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