Universal Sompo Motor Insurance

Universal Sompo General Insurance Co.Ltd. is a prominent insurance provider in the Indian insurance space, offering world-class products and services to its vast customer base. It has a robust claim settlement ratio of 99.23% and observes a short turnaround time for the resolution of customer queries/issues. The company issues a wide range of insurance products, including health, motor, commercial, and miscellaneous insurance.

Why Should You Buy Motor Insurance From Universal Sompo?

The insurance company offers motor insurance with extensive coverage for the protection of various kinds of motor vehicles. The benefits of choosing Universal Sompo are:

  • You can buy motor insurance online effortlessly.
  • The insurance company enables you to make updates to the existing insurance policy by issuing online endorsements. Getting endorsements online is very useful as it reduces the overall time taken for the process.
  • The registration process with the insurer progresses in a highly efficient manner.
  • It is possible to track the status of a claim by logging in to the insurer’s website.
  • The process of grievance management is very efficient and effective.
  • The payout for all claims are done through RTGS/NEFT. This reduces the overall turnaround time for claim settlement by a considerable amount.
  • It is possible to renewal your motor insurance policy online in an easy and efficient manner.

Types Of Motor Insurance From Universal Sompo

Universal Sompo offers the following types of motor insurance policies to its customers:

  • Private car insurance - This plan offers insurance protection to vehicles that are used for domestic, social, or pleasure purposes. This policy protects the vehicle from the following losses:
    • Explosion, fire, theft, lightning, riots, malicious acts, strikes, earthquakes, flood, accidents, in-transit damages, typhoons, burglary, terrorist activities, rockslides, and landslides.
    • It also protects from liability claims raised by a third party for injuries, death, or property damage.
    • The owner-driver of the insured vehicle is offered personal accident cover under the plan.
  • Two-wheeler insurance - This plan is offered to the owners of bikes and scooters in the country. The coverage under the two-wheeler insurance policy is similar to that of the private mentioned above. The insurance coverage under this plan is valid for 1 year.
  • Passenger carrying vehicle insurance - This insurance plan is configured to protect vehicles that carry passengers. Vehicles used for pace making, racing, speed testing, and reliability trials are not included under the coverage of the plan.
  • Goods carrying vehicle insurance - This plan offers insurance protection to a goods carrying vehicle used by the policyholder or his/her employees. Vehicles used for hire or reward are also covered.
  • Miscellaneous vehicle insurance - This plan is offered to vehicles that are used for special purposes by the policyholder or his/her employees.
  • Two-wheeler long term package policy (TWLTPP) - This insurance plan is offered to the owners of two-wheelers, and the coverage term under this policy can be 2 or 3 years.

Universal Sompo Third-Party Liability Insurance Policy - Inclusions

A customer can choose to buy a limited motor insurance cover from Universal Sompo. This is referred to as third-party liability insurance or liability-only plan. This policy offers the following coverage to the insured vehicle and the policyholder:

  • Legal liability claims protection for injuries/death - This refers to protection from liabilities to a third party following an accident. Third-party injuries and death are offered unlimited coverage.
  • Legal liability claims for property damage - This refers to protection from liabilities arising out of property damage of a third party following an accident.

Universal Sompo Comprehensive Motor Insurance Policy - Inclusions

The comprehensive motor insurance cover from Universal Sompo includes protection from the following events:

  • Damages due to fire, lightning, self ignition, or explosion
  • Losses from housebreaking, burglary, or theft
  • Losses from strikes and riots
  • Losses arising out of shock and fire damage due to earthquakes
  • Damages due to hurricane, typhoon, tempest, storm, cyclone, inundation, frost, or hailstorm
  • Damages from accidents
  • Losses due to malicious activities
  • Losses from terrorist acts
  • Damages to the vehicle while in transit via rail, air, road, inland waterways, lift, or elevator
  • Losses from landslides or rockslides

The coverage provided by the comprehensive policy can be enhanced by employing add-on covers that are offered by the insurer at a nominal cost.

Universal Sompo Motor Insurance - Exclusions

The Universal Sompo motor insurance policy does not offer protection from the following events:

  • Accidents that occur outside the specified geographical area
  • Normal wear and tear of the vehicle or its parts
  • Consequential losses
  • Driving the insured vehicle without a valid license
  • Driving while intoxicated with liquor or drugs
  • The insured vehicle being used beyond limits

Universal Sompo Motor Insurance FAQs:

  1. What are the discounts offered by Universal Sompo on motor insurance?

Universal Sompo offers the following discounts to its motor insurance customers:

  • No Claim Bonus (NCB) for not raising any claim in a policy year
  • Premium discount for choosing higher voluntary deductibles
  • Approved anti-theft device installation discount
  • Premium discounts for vehicles that are designed for handicapped, blind, or mentally-challenged people
  1. What are the add-on covers for motor insurance that I can buy from Universal Sompo?

The following add-on covers are provided by Universal Sompo to supplement a comprehensive motor insurance policy:

  • Nil depreciation cover
  • Daily cash allowance
  • Return to invoice (RTI) cover
  • Key replacement cover
  • Accidental hospitalisation cover for the family of the owner-driver
  • Consumables cover
  • Roadside assistance cover
  • Secure towing cover
  • Engine protector cover
  • Cover for hydrostatic lock
  • NCB protector
  • Cover for loss of registration certificate or driving license
  • Insurance at manufacturer’s selling price
  • Cover for emergency transportation and hotel expenses
  • Loss of personal belongings cover
  • Extra cover for accidental injury
  • Extra cover for accidental injury compensation for the family
  • Child education support cover
  1. If my vehicle is involved in an accident do I need to report it to the police?
  2. After an accident, you will have to get in touch with the police and obtain an FIR under the following circumstances:

    • Injury to a third party
    • Theft of the insured vehicle, its parts, or accessories
    • Losses/damages to the vehicle caused by rioters, miscreants, arsonists, terrorists, etc.
    • All incidents involving commercial vehicles
  3. What happens after I notify the insurance company of a claim?
  4. After you raise a claim, a surveyor will be sent within 24 hours to inspect the vehicle. Following this, the vehicle can be repaired at a garage. In case you have opted for a network garage, the repair costs are settled directly between the insurance company and the garage. If you choose a non-cashless workshop, you will have to pay for the repairs yourself and raise a reimbursement claim. Along with the updated claim form, you will also have to submit the original repair invoice and payment receipts. The claim amount will be paid out within 7 working days of reception of the documents. The surveyor will also inspect the vehicle after the repairs.

  5. Can I raise a claim for damages that have accumulated over time?
  6. No, this is not possible. Each loss will have to be reported separately to the insurer and surveyed according to existing procedures.

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