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Universal Sompo Car Insurance
- Universal Sompo Third Party Car Insurance
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.
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Universal Sompo Third Party Car Insurance vs. Comprehensive Car Insurance
Here is the difference between Universal Sompo third-party car insurance and comprehensive car insurance plans:
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Features |
Third-Party Car Insurance |
Comprehensive Car Insurance |
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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 |
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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. |
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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 |
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Legal requirement |
Mandatory by the law |
Optional |
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What is Covered Under Universal Sompo Third Party Car Insurance Plan?
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:
- Coverage for injury/death of third-party involved in an accident against your vehicle. (Please note that the cover amount can be limited or unlimited, solely depending upon the nature of the accident and the injury incurred). Final compensation would be decided by the court of law.
- Up to Rs. 7.5 lakh cover for any damage caused to the third-party’s property in the accident
- Reimbursement for legal expenses incurred in the situation where a court trial has taken the due course of action.
What is Not Covered by Universal Third-Party Car Insurance Policy?
Following are some of the exclusions under the third-party car insurance plan provided by Universal Sompo General Insurance Company:
- Damages incurred on the owner’s insured vehicle
- Contractual liability arising out of the accident
- Any bodily injury caused to the policyholder
- Damage caused to the third-party or its personal property in a location stated beyond the geographical boundaries in the insurance policy
- An accident caused due to driving under the influence of drugs/alcohol
- An accident caused while driving without a valid driving license
- An accident caused due to the vehicle not being driven under the speed limit or non-adherence to traffic rules and signals
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FAQs
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Q1. Will the model of the car affect the premium cost of Universal Sompo 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
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Q2. Is a No-Claim Bonus included with Universal Sompo Third-Party Car Insurance in the case of a claim-free period?
No, the No-Claim Bonus is a reward that is awarded only in the case you buy a comprehensive car insurance policy.
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Q3. What are the various modes of paying a premium for my third-party car insurance policy?
Universal Sompo General Insurance Co. Ltd. Offers the following 3 modes for premium payment:
- Cheque/Demand Draft
- Net banking/NEFT
- Payment by Cheque
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Q4. What is the process for settling a claim with Universal Sompo General Insurance Co. Ltd.?
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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