Universal Sompo Third Party Bike Insurance

Universal Sompo Third Party Bike Insurance provides financial coverage and security to the policyholder in case any mishap or accident involving a third party is caused by the insured two-wheeler. A third party insurance policy is mandatory according to the Motor Vehicles Act, 1988 in India.

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Benefits of Buying Universal Sompo Third Party Bike Insurance

Take a look at the key benefits of buying a Universal Sompo third party Bike insurance policy:

  • Provides financial assistance to the bike owner to cover third party liabilities resulting from a mishap or an unfortunate accident
  • Fulfils the mandatory requirement of covering every two wheeler with third party insurance cover.
  • Universal Sompo third-party bike insurance can be easily purchased online within a few minutes.
  • The customer care team offers round the clock claim assistance.
  • The premium for the Universal Sompo Bike Insurance Third Party cover is relatively low and affordable.
  • Comes with more than 3500 network garages offering cashless repair facilities.
  • More than 90% of the Universal Sompo bike insurance third party policy claims are settled.

Universal Sompo Third Party Vs. Comprehensive Bike Insurance Plan

Check out the basic differences between the third party and comprehensive two wheeler insurance by Universal Sompo General Insurance Company Limited:

Categories

Universal Sompo Third Party Bike Insurance

Universal Sompo Comprehensive Bike Insurance

Legal Requirements

Third-party insurance is mandatory by law

Comprehensive bike insurance is not mandatory by law

Coverage Benefits

Only third-party legal liabilities of the policyholder for causing accidental property damages or bodily injuries to the third party

Covers third party accidental liabilities along with own damages to the bike

Add-on Covers

Not available

Offers a wide range of add-on covers like zero depreciation cover, engine protector cover, etc.

Premium

More affordable due to limited coverage benefits

Higher premium as compared to third party insurance due to wider coverage benefits

 

What is covered under the Universal Sompo Third Party Insurance Plan?

A third party bike insurance plan comes with an assurance to cover the third-party liabilities. Take a look at the coverage offered by the Universal Sompo third-party insurance policy:

  • Third Party Property Damages– It provides financial aid to the policyholder to pay compensation to the third party for causing property damages by the insured two wheeler in an accident. It covers third party liabilities and property damages up to Rs 7.5 lakh.
  • Third Party Bodily Injuries- This type of bike insurance also covers bodily injuries, disability, or unfortunate demise of the policyholder resulting from an accident of the insured two-wheeler. The compensation amount is decided by the Motor Accidents Claims Tribunal after the case proceedings and thus, the insurer provides unlimited coverage.
  • Personal Accident Cover– It provides coverage against accidental injuries or death of the policyholder arising out of an accident of the insured bike. The insurer provides the mandatory cover of Rs 15 lakh.

What is Not Covered under the Universal Sompo Third Party Insurance Plan?

The following expenses are not covered by the Universal Sompo third party bike insurance plan:

  • Own Damages -If the insured two-wheeler is damaged in an unforeseen incident, it will not be included in the coverage.
  • Depreciation - The depreciation on the value of the two wheeler is considered while estimating it’s Insured Declared Value (IDV).
  • Geographical Limit– It does not provide coverage for any accident that occurred outside the geographical limit.
  • Normal Wear & Tear– Any expenses arising out of the normal wear and tear of the bike is not covered.
  • Drunk Driving– It does coverage for any claims arising out of driving the two wheeler in a drunken condition.
  • Illegal Driving– Claims resulting from driving without a driver’s license or using the bike for illegal purposes are excluded.

Universal Sompo Third Party Bike Insurance FAQs

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 9 Reviews)

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Universal Sompo Third-Party Bike Insurance Reviews & Ratings

4.7 / 5 (Based on 9 Reviews)
(Showing Newest 9 reviews)
P
Bhiwandi, October 09, 2021
Reasonable rate
I talked to a friend of mine regarding bike insurance. He suggested me Policybazaar. When I went to the policybazaar, an executive showed me several plans. According to my budget, I chose Universal Sompo Two Wheeler Insurance. I got high coverage at a reasonable rate.
Prakhar
Saharanpur, October 09, 2021
Easy to compare
I got excellent customer service from beginning to end of the process. After comparing the plans in Policybazaar I took the Universal Sompo bike plan. I got all the features I wanted in my plan. The service was up to the mark and the entire team was very helpful.
Rimzhim
Gorakhpur, October 09, 2021
Hassle free process
After comparing multiple bike plans on the website of Policybazaar, I decided to choose Universal Sompo two wheeler insurance as it was providing me with fascinating features. The process I went through was hassle free and so simple. I am completely satisfied with my plan.
Ritish
Guntur, October 09, 2021
Financial support
I have got financial assistance in my time of need. When my bike got damaged due to a minor accident, i took the help of Policybazaar to raise the claim request. Within a few days my claim was approved. My Universal Sompo bike policy eased my financial stress.
Shrestha
Howrah, August 18, 2021
Found convenient
I have recently got University sompo two wheeler policy from the policy bazaar.i am glad to be a customer of policy bazaar. they are giving so much benefits under the same. like 24*7 roadside repair assistance,emergency fuel delivery,repair on the spot and many more.
Ashish
Jaipur, June 04, 2021
All time support
I had bought a universal sompo two wheeler insurance policy from the website of the policybazaar. I am happy that the plan is and up to my mark I have taken this plan 2 years back and has been continuing it with same.
Mudit
Hardoi, June 04, 2021
Towing facility
In my Universal sompo two wheeler insurance plan I had got towing facilities. It is a nice plan and I really like the plan. It is available in my plan. Thank you policybazaar.
Pratul
Moradabad, June 04, 2021
Low premium prices
I am quite happy and convinced with the services of the policybazaar and they provided me low premium rates. I had a Universal sompo plan. Good work team.
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.

^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between 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.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#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.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis