Universal Sompo Two Wheeler Insurance

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Universal Sompo Two Wheeler Insurance

Universal Sompo General Insurance Company Limited is a joint venture between Indian banks – Allahabad Bank, Karnataka Banka and Indian Overseas Bank, an Indian investment company, Dabur Investments and a Japanese insurance company, the Sompo Japan Insurance Company. Universal Sompo has its headquarters at Mumbai. The Sompo Japan Nipponkoa Insurance Inc. is a leading Japanese insurance provider and is the largest property and casual insurance company in the country of Japan. Universal Sompo is a rapidly growing insurance provider in India. It started operations in India in the year 2007 when it received its Licence and Certificate of Registration from the Indian Regulatory and Development Authority (IRDA). Two-wheeler insurance offered by the company falls under the category of Motor Insurance plans offered. Two-wheeler insurance plans, as mandated by the law, are offered with extra additions at the discretion of the customer who can make additions to increase the scope of coverage extended on his or her car.

Advantages of availing car insurance plans from Universal Sompo General Insurance

Universal Sompo is a rapidly growing insurance provider in India, it strives to become a trusted leader in the insurance industry; it provides simple yet innovative solutions for various types of insurance. With the backing of Japanese insurance expert Sompo Japan Nipponkoa Insurance Inc., which is a Fortune 500 company, and the backing of three major Indian banks as well a major investment company, Universal Sompo is an ideal insurance company for those looking for robust insurance plans that are provided efficiently and quickly, with the most number of benefits and coverages. This insurance is important as it protects the customer against damages that has been caused to their vehicle or a third party in case there is an accident. Given below are the advantages of buying two-wheeler insurance plans from Universal Sompo General Insurance:

  • The company specializes in servicing of claims and their settlement in the fastest possible time. The claim settlement process adopted by the company is hassle-free and simplified.
  • There is a facility of cashless claim settlement across over 2000+ preferred workshops across the country.
  • The company provides a 24*7 telephone support and assistance to deal with claims raised by customers which is available even on holidays. Claims and queries are taken care of as expeditiously as possible by a team of highly trained professionals.
  • A comprehensive two-wheeler insurance plan is offered by the company, which covers for both third party legal liability and personal accident cover under the same plan.
  • There is a No Claim Bonus for claim-free years. Additionally, a No Claim Bonus of any existing plan from another insurer can be transferred to the two-wheeler insurance plan bought from Universal Sompo General Insurance Company. In case the customer is transferring a car insurance policy for the first time to Universal Sompo Insurance, they can be sure that Universal Sompo will retain the number of claim-free years that has accumulated under the previous policy so long as the two-wheeler vehicle is insured within ninety days of the renewal due date.
  • A network of preferred workshops across the country that are associated with Universal Sompo provides access to hassle-free inspection services and gives the customers high standards of service for their insurance plans.
  • Personal Accident Cover is provided to the customer in case of the death or permanent total dismemberment that arises out of the two-wheeler accident.

Universal Sompo Two-Wheeler Insurance Plans

  • Scope of coverage of Two-wheeler Insurance Plans by Universal Sompo

The following contingencies are covered for in the two-wheeler insurance plan offered by Universal Sompo General Insurance:

  • Loss or damage to the bike or two-wheeler due  to natural calamities like fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide.
  • Loss or damage to the bike or two-wheeler due  to man-made causes like burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage while the two-wheeler is in transit by road, rail, inland waterway, lift, elevator or air
  • There is a Personal Accident Cover to the driver or owner of the vehicle while driving or travelling and mounting or dismounting from the vehicle. The coverage under the plan is provided for Rs.1 lakh.
  • A third party legal liability cover which includes legal protection from death or injury claims from third parties due to damages causing a permanent injury or death of a person and damage caused to the surrounding property including occupants of the vehicle, cost and expenses incurred without the prior consent of the company and personal accident benefits for the proposer, paid driver and the occupants of the two-wheeler. The damage to the third party property has a minimum limit of Rs. 6000 and a maximum limit of Rs. 7,50,000.
  • Optional Extensions offered by the Universal Sompo Two-Wheeler Insurance Plans
    • An optional extension can be taken under the Universal Sompo two-wheeler plan for pillion riders or co-passengers under the Two-wheeler insurance plan.
    • An optional extension may be availed that covers the legal liability for the driver, cleaner or any workman. As the driver or cleaner or workman is considered to be his or her employee, the customer will be liable to pay for any damages, injuries, etc, that he incurs while driving the customer’s car. The customer may purchase this extended cover in order to protect him or herself from any legal liabilities.
    • A loss of accessories extension may be taken by the customer to insure the insure the accessories of his or her two-wheeler. In case these accessories have been fitted by the factory then they are automatically insured. However, if the accessories have been fitted at a later period of time, then they will have to be insured separately under an additional cover by paying an additional premium for the same.
  • Additional covers offered by the Universal Sompo Two-Wheeler Insurance Plans

By paying an additional premium the following covers may be availed by the customers under the Universal Sompo Two-Wheeler Insurance Plans:

  • A depreciation cover may be provided that has coverage of up to 5 years from the registration date, 100% repayment on replaced items, the repair costs batteries, airbags, nylon covers, fiber glass and tyres, etc., payment of depreciation amount, which is the value deducted on the replaced parts for up to 2 years of admissible claims.
  • An Return to Invoice cover may be availed, in case of its loss, where the compensation is equal to insured value + registration + road tax + insurance.
  • A daily cash allowance may be availed when the vehicle is given for repairs.
  • Manufacturer’s Selling Price / On Road Price cover may be availed where the company will pay the difference amount between the manufacturing selling price and the  Insured Declared Value in the event of a Total Theft or Total Loss.
  • A Loss of License cover may be availed where the company will pay a compensation to the insured person for acquiring a duplicate license.
  • An Additional Accidental Injury Compensation may be taken where the owner is covered against the risks of assault or any other  accidental injury that leads to death or permanent total disability when the owner is driving the insured vehicle. The amount that will be compensated comes up to Rs. 1 lakh.
  • Wider PA Benefit cover can be availed to provide wider coverage for personal accident to the owner while driving the insured vehicle.
  • A hospital cash cover may be availed in which a daily limit of up to Rs. 2,000 is given, subject to a maximum of thirty days of hospitalization.
  • The customer may opt for an Accidental Hospitalization Clause for Family in case the owner and / or his family members are hospitalized due to a car accident.
  • A Driving-train Protect cover may be chosen where the company will cover damage to the internal child parts of the engine, differential housing and/or gear box of the two-wheeler, when the damage is due to water ingress or due to the Leakage of lubricating oil and/or damage to engine, differential housing and/or gear box of the Insured Vehicle arising out of leakage of lubricating oil due to accidental means.
  • There is a Cost of Consumables cover that may be availed.
  • There is a Roadside assistance program where the following benefits are provided:-
    • 24*7 road side repair assistance
    • Towing facility
    • Repair on the Spot
    • Puncture Assistance
    • Emergency Fuel Delivery
    • Vehicle key lock out assistance
    • Cab Service
    • Teleassistance, route guidance and relay of emergency message
    • Accommodation
    • Shipment of spares
  • Additional Salient features of the two-wheeler insurance plans of Universal Sompo
    • A discount on premiums is provided for installing an anti-theft device as well as voluntary deductibles.
    • A No-Claims Bonus is allowed when the vehicle is insured for an entire year without any breaks, with Universal Sompo.
    • There is a network of garages that is associated with Universal Sompo all over the country. The claims at these authorized garages are completely cashless.
    • For those insured who have memberships with recognized automobile associations, Universal Sompo provides discounts on their cash insurance policies.
    • There is a discount for specially Designed/ Modified vehicles for the blind, handicapped and mentally challenged persons.
  • Exclusions under the two-wheeler insurance plans of Universal Sompo

While the two-wheeler insurance plan offered by the company has an exhaustive coverage, certain damages are excluded from the scope of coverage of the plans. Here is a list of exclusions, i.e. aspects that are not covered by the insurance plans:

  • Normal wear and tear of the bike due to regular usage and general ageing of the two-wheeler will not be covered under the plans
  • Mechanical or electrical breakdown of the vehicle is not covered by the plan
  • Circumstances where the vehicle is being used otherwise than in accordance with the limitations of the vehicle usage
  • Depreciation or any consequential loss
  • Damage to or by a person driving any vehicle without a valid driving license is not covered under the plan
  • There will be no cover if there is damage to or by a person driving any vehicle under the influence of drugs or liquor
  • Loss or damage caused to the vehicle due to war, mutiny or nuclear risk will not be covered by the plan
  • Wear and tear of consumables like tyres and tubes unless the vehicle is damaged at the same time
  • Process of making Claims under the plan

The company provides a step-by-step guide to its customers so that they can easily raise and settle their two-wheeler insurance claims as and when they occur. Below is the step-by-step guide to claim settlement under the two-wheeler insurance plans:

  • Step  1 – Register the Claim

The customer should then register the claim with the company by calling on the company’s toll-free number. The customer should provide the necessary information to the customer care executive that is required for registering the claim. The customer can also log on to the company website and download the claim form to fill up. The required information includes contact number, engine and chassis number, accident date and time, description and location of the accident, vehicle inspection address, Kilometer reading. After the claim is registered, the customer support executive will provide the customer with the Claim Reference Number. This number can be used to know the status of the claim. The company will also update the customer with the claim status at every stage of claim procession through an SMS. Moreover, the customer can also check the status of the claim by calling the company’s toll-free number and quoting the Claim Reference Number.

  • Step  2 – Sending the damaged vehicle for repairs

When the two-wheeler vehicle is damaged, it will need to be taken as quickly as possible to a garage. The customer can either take the vehicle to the garage himself if it is possible or have it towed to the nearest garage so that any further damage does not happen to the vehicle

If there has been a theft of the two-wheeler, the customer must immediately file a police in writing and inform Universal Sompo General Insurance by giving a call on any of the company’s toll-free numbers. If the vehicle is not found within 90 days the customer should obtain a Non-Traceable Report from the police authorities. The report is an undertaking given by the police stating that they are yet to find the vehicle. The customer should submit the Non-Traceable Report to the company after which the company will start the claim settlement process.

  • Step 3 – Survey and Claim Settlement

The customer is required to submit a copy of the documents mentioned underneath to the garage or dealer and should get the document verified with the originals. The documents required are:

For Accident Claims:

  • Claim form duly signed by the insured
  • Original RC Copy of the Vehicle
  • Original Driving License as well as a self-attested copy
  • Copy of the first two pages of the Policy
  • FIR or charge sheet in case of major damage or third party property damage or theft of the vehicle or damages due to riot, strike or malicious acts
  • Original Estimate
  • Original repair invoice and payment receipt. If the repair was done in a preferred workshop under the cashless scheme, only the repair invoice is required
  • Satisfaction letter will have to be provided if the customer would like to avail the cashless facility at Universal Sompo’s preferred workshops or garages.
  • A stamp is required in case of company-registered vehicle’s original documents.

For Theft Claims:

  • Claim form duly signed by the insured
  • RC Copy of the Vehicle with all original keys
  • The Driving License original and a self-attested copy
  • Copy of the original Policy
  • Original FIR copy of the complete report of the theft
  • RTO transfer papers duly signed along with Form number 28, 29, 30 and 35 (if hypothecated)
  • Final Report – a no-trace report from the police stating that the vehicle cannot be located
  • A stamp is required in case of company-registered vehicle’s original documents.

For Third Party Claims:

  • Claim form duly signed by the insured
  • Police FIR Copy
  • Original Driving License and a self-attested Copy
  • Copy of the original Policy
  • RC copy of the vehicle
  • Satisfaction letter will have to be provided if the customer would like to avail the cashless facility at Universal Sompo’s preferred workshops or garages.
  • A stamp is required in case of company-registered vehicle’s original documents.

After the completion of repairs to the vehicle at a preferred garage, the company will make the payment of the loss directly to the garage and the customer will not have to bother with the payments. However, the customer is supposed to pay the excess amount as mentioned in the policy and the depreciation value, salvage value, etc. as informed by the surveyor of the company.

Applying for Two-Wheeler Insurance Plans from Universal Sompo

Two-wheeler insurance plans offered by the company can be applied to through multiple channels like:

  • Individuals desirous of availing any of the car insurance insurance plans can simply call the Sales helpline of the company and speak to the customer service representative.
  • Interested individuals can mail their queries at the following email ID contactclaims@universalsompo[dot]com or contactus@universalsompo[dot]com.
  • Lastly, customers may also visit the company’s branches or get in touch with an agent to buy the plans required.

Universal Sompo Two Wheeler Insurance- FAQs

1. How to pay premium? What are the modes of payment available?

Universal Sompo General Insurance offers three ways to pay the premium

  • Direct debit from your bank
  • Credit card payment
  • Cheque payment

You need to sign a debit mandate for the direct debit. Thus, you don’t have the stress to remember the premium due date.


2. How can I check policy status for Universal Sompo two wheeler insurance?

You can check the policy details online or via toll free number.

If you are a registered user, simply login to e-Portal with your username and password.

3. What is the policy renewal process for Universal Sompo two wheeler insurance?

There are three ways of renewing your policy with the company.

  • Debit mandate- Automatic bank transfer on the date as agreed in the Policy T&C.
  • Call helpline of the company to inquire about the renewal process. Submit the payment in the acceptable bank branch.
  • If you have an online insurer profile, directly pay the insurance premium.

4. What is the company’s process to settle claim for Universal Sompo two wheeler insurance?

Universal Sompo General Insurancetakes 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.

5. What is the policy cancellation process for Universal Sompo two wheeler insurance?

You get a free look period of 15-days in which you can cancel the policy and premium will be deposited in your bank account, post deduction of incurred charges on your medical examination and the stamp duty charges.

You can cancel your policy by

E-mail: contactus@universalsompo[dot]com

Letter: Universal Sompo General Insurance Company Ltd.,

Plot No - EL-94,KLS Tower, TTC Industrial Area,

MIDC, Mahape,

Navi Mumbai 400710.

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Universal Sompo Two Wheeler Insurance Reviews

TOTAL REVIEWS (1)
Yogesh
Udaipur
May 17, 2016

Awesome

Universal sompo two wheeler insurance is nice with low premiums. The policy coverage is high ~87% and the policy claims are even better. The service facilitate by the executives and staff is really very fast by which claiming procedure get easy. The tow facility is inbuilt in the policy and huge number of garages are there for all time assistance.