The story of the coming together of three formidable Indian banks, one FMCG and a marketing leading insurer from Japan, is Universal Sompo General Insurance Company Limited. And under this impressive assembly, the Universal Sompo Auto Insurance policy has thrived and become one of India’s leading choices when it comes to vehicle insurance. The company offers the following as part of its motor insurance initiative- Private Car Insurance, Two Wheeler Insurance, Passenger Carrying Vehicles Insurance, Goods Carrying Vehicles Insurance and Miscellaneous Vehicles Insurance.
Universal Sompo Auto Insurance
This all-encompassing policy provides superior protection to your vehicle against liabilities arising from such factors as fire, lightning, theft, riot, explosion, malicious acts, earthquake, accidental external means, landslides etc. An important part of this policy is the third party insurance component, wherein protection is given against financial liabilities arising from your vehicle’s causal/participation in an accident that resulted in the injury, death and/or property damage of an arbitrary third party. Further, the Universal Sompo Auto Insurance policy provides for compulsory Personal Accident cover for the owner/driver.
Optional Extensions- Additional Covers to Boost Your Auto Insurance
These additional covers account for conditions that may not necessarily be covered in the main policy. Additional coverage could be subscribed for,
- Loss of accessories (also electric or electronic for specific cases).
- Legal liability to paid driver, cleaner or any workman.
- Personal Accident Coverage to the occupants/pillion riders.
- In case of private cars, incremented legal liability to third party property damage upto Rs 7.5 lakhs.
Salient Features & Exceptions Of Universal Sompo Auto Insurance
The salient features of the Universal Sompo Auto Insurance Policy include the following-
- Enjoy convenience, speed and security by applying for the Universal Sompo Vehicle Insurance Policy online.
- Rewards for zero claims through a specific duration of time in terms of No Claim Bonus (NCB).
- Avail attractive discounts when opting for higher voluntary excess.
- Discounts also apply on policy purchase when specific anti-theft devices are installed in the vehicle.
- Concessions apply for specially designed vehicles or vehicles that have been modified, to suit the specific needs of blind, handicapped and/or mentally challenged people.
- The policy statement defines the concept of depreciation, for parts that need replacement after an accident.
Further, the following exceptions are also in place- conditions, wherein the usual rules of the Universal Sompo Auto Insurance Policy do not apply-
- Accidents that occur outside the specified geographical area.
- Normal wear and tear from routine usage of the vehicle that leads to consequential loss.
- Driving under the influence of drugs, liquor or other mood altering substances.
- Driving without a valid license, or the vehicle being driven (at the time of the accident) by someone who isn’t the owner or designated driver of the vehicle.
- Usage of the vehicle that defies the clauses established in the ‘Limitation as to Use’ document.
As established by the features listed above, the auto insurance policy from Universal Sompo is highly customer centric and tuned to the specific requirements of the Indian customer.
GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017