Universal Sompo Commercial Vehicle Insurance

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All About Universal Sompo Commercial Vehicle Insurance

Universal Sompo commercial vehicle insurance offers protection to commercial vehicles like trucks, tractors, buses, auto-rickshaws, etc., used for business activities, in case of any unforeseen event. The policy covers damages in case of accidents, collisions, natural disasters, and more.

About Universal Sompo General Insurance Company

Universal Sompo General Insurance Company Limited is a joint venture among the Indian Bank, Indian Overseas Bank, Karnataka Bank Ltd., Dabur Investment Corporation and Sompo Japan Insurance Inc. It provides insurance in several sectors, such as health, motor, commercial, etc.

Key Features of Universal Sompo Commercial Vehicle Insurance

The key features of commercial vehicle insurance from Universal Sompo General Insurance Company are given below:

Features	Coverage/Benefit
Third Party Coverage	Yes
No Claim Bonus Benefit	Yes
Personal Accident Coverage	Up to Rs. 15 Lakh
Add-Ons	Available
Network Garages	13,500+ Cashless Garages
Assistance	24x7 Assistance

Benefits of Universal Sompo Commercial Vehicle Insurance

Policyholders can avail the following benefits if they buy a Universal Sompo commercial vehicle insurance policy:

Universal Sompo offers a hassle-free online claim intimation process 24x7.
The commercial vehicle insurance company offer several add-on covers to enhance insurance coverage for your commercial vehicle.
It has 13,500+ cashless network garages that help with faster and easier repairs

Coverage Under the Universal Sompo Commercial Vehicle Insurance

What is Covered?
What is not Covered?

Universal Sompo commercial vehicle insurance covers the following:

Damages caused to a third-party person or property
Damages caused by explosion, self-ignition, lightning, etc
Total or partial loss in case of theft
Damages caused by natural or man-made disasters
Damages due to accidents or collisions
Losses occurring to the insured vehicle while in transit via rail, water, air, or road

The following scenarios are not covered under a commercial vehicle insurance:

Damages caused due to consequential loss
Damages incurred due to regular wear and tear and depreciation
Mechanical or electrical breakdown sustained by the insured commercial vehicle
Damages caused by overloading
Any damage caused when the driver is under the influence of intoxicating substances
Any accidental loss or damage and/or liability caused outside the prescribed geographical scope

Universal Sompo Commercial Vehicle Insurance Add-Ons

You can include the following commercial vehicle insurance add-ons with your Universal Sompo policy:

Return to Invoice (RTI): The RTI add-on cover for commercial vehicles helps policyholders get the full invoice amount of their commercial vehicle in case it is stolen or damaged beyond repair (more than 75% of its current market value). It ensures a better claim amount and bridges the gap between the insured declared value (IDV) and the invoice price.
Zero Depreciation: With the zero depreciation add-on for commercial vehicles, the insurer will not deduct the depreciation costs on the repaired/replaced parts. Usually while filing for an accidental claim, the insurance company deducts the depreciation cost based on the age of the vehicle. However, with this add-on, you will be reimbursed for the whole amount without deducting the depreciation.
Roadside Assistance (RSA): With the RSA add-on cover in commercial vehicle insurance, you get emergency services like on-spot minor repairs, battery jumpstart, flat tyre change, etc.

How to Buy/Renew Universal Sompo Commercial Vehicle Insurance?

It is legally mandatory for all goods and passenger-carrying vehicles to have commercial vehicle insurance. Hence, you must buy or timely renew your expired policy to stay protected against any unforeseen financial losses. Check the steps below to buy or renew Universal Sompo commercial vehicle insurance:

Step 1: Visit policybazaar.com and click on 'commercial vehicle insurance' from the homepage
Step 2: Enter the registration number.
Step 3: Provide all the required details, IDV, NCB (for renewals), and choose the add-ons.
Step 4: Select the Universal Sompo policy from all the available plans.
Step 5: Pay the premium using netbanking/cards/UPI.
Step 6: After successful payment, your policy will be sent to your registered email.

How to File a Claim Under Universal Sompo Commercial Vehicle Insurance?

Check out the steps given below to file a claim against your Universal Sompo commercial vehicle insurance:

Inform the Insurance Company

Notify your insurance company regarding the accident to file a claim.

Surveyor Assessment

A surveyor will assess the damages incurred by the insured vehicle.

Submit the Documents

Gather and submit all the required documents, such as duly filed claim form, RC, license, etc.

File an FIR

You must also file an FIR, in case of theft, bodily injury, or third-party property damage, within 48 hours.

Repair and Claim Settlement

Once you submit all the necessary documents, the vehicle will be sent to the authorised network garage. It will be repaired, and the insurer will directly settle the claim.

Documents Required to Raise a Claim Under Universal Sompo Commercial Vehicle Insurance

You need the following documents to file a Universal Sompo commercial vehicle insurance claim:

Registration Certificate
Driving License
Signed Claim Form
Vehicle Fitness Certificate
Permits
Authorisation Certificate
Load Challan
Goods Receipt
Invoices for Material loaded (in case the vehicle was loaded at the time of the accident)
Final Repair Invoice
FIR /Police Report (if applicable)

FAQs

How to claim Universal Sompo commercial vehicle insurance?

To file a claim against your commercial vehicle insurance, you must notify the insurer and file your claim with all the required documents.
What is covered under commercial vehicle insurance by Universal Sompo?

Universal Sompo commercial vehicle insurance covers business-owned vehicles, such as trucks, buses, taxis, etc., from unforeseen situations like accidents, collisions, fire, theft, natural calamities, etc.
What is zero-dep insurance under commercial vehicles?

Each year, the value of your vehicle depreciates, and your insurer deducts the depreciation while settling a claim. The zero-dep cover ensures that the insured commercial vehicle recovers the full costs of the parts without deducting the depreciation in case of an accident.
How is commercial vehicle IDV calculated?

IDV is the maximum amount the insurer will pay in case your commercial vehicle is stolen or damaged beyond repair. You can calculate the IDV using this formula:

IDV= (Manufacturer's listed selling price - depreciation) + (Accessories not included in listed selling price - depreciation)

Written By: PolicyBazaar

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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in