Overview:
Two wheeler insurance policies are a must for any two wheeler vehicle owner. These policies are required to be purchased for all vehicles falling under the category. Universal Sompo offers a two wheeler insurance policy that provides cover for vehicles employed in social, pleasure and domestic purposes. The policy can also be sought for professional purpose vehicles apart from those carrying goods that are not samples.
Key Benefits Of Universal Sompo Two Wheeler Insurance
Discounts
Accidental Cover
Add-on Covers For Universal Sompo Two Wheeler Insurance
Third Party Cover
Maximum cover for third-party property damage will be Rs. 1,00,000 in the case of two-wheelers.
Inclusions And Exclusions In Universal Sompo Two Wheeler Insurance
Inclusion
Loss or damage to the insured vehicle due to fire / earthquake / flood / cyclone
Exclusion
Damage by a person driving under the influence of liquor / alcohol / drugs
The vehicles in question may also be used by employees of the insured for the same purposes outlined above, and excludes use of vehicle for reward or hire, pace making, racing, speed testing, reliability trial and any other usage that deals with motor trade.
Features and Benefits of Universal Sompo Two Wheeler Insurance Policy:
Major features and benefits of this policy include:
- Third party liability cover offered in the event of accidents.
- Clearly defined depreciation factors for vehicle parts.
- No claim bonuses offered in case claims haven’t been filed earlier in the tenure.
- Personal accident cover for driver/owner of vehicle.
- Manmade calamities and natural disasters covered under the policy.
- Extensive support for customers.
- Comprehensive optional extensions in the form of personal accident cover for pillion riders, cover for loss of electrical and non-electrical accessories and legal liability cover.
Universal Sompo Two Wheeler Insurance Plan Coverage:
The policy offers coverage on damage or loss to the vehicle under the following circumstances:
- Fire
- Self ignition
- Explosion
- Burglary
- Lightning
- Strike
- Riot
- Terrorism
- Malicious act
- Flood
- Earthquake
- Typhoon
- Rockslide or landslide
- Accidental external forms
- Transit through road, air, rail or inland waterways.
Other than these, the insured will also get cover for legal liabilities arising out of third party injuries as well as any resulting property damages due to accident. A mandatory personal accident cover is also provided with the policy.
Universal Sompo Bike Insurance Policy Claim Process:
In case of an accident, the insured should immediately notify the insurer about the damages by visiting the nearest branch of Universal Sompo or connecting through the toll free number.
- Provide a written notice immediately to the insured detailing the accident.
- Provide all documentary evidence and information as requested by the insurer.
- Once the insurer receives the information, it will register the claim and start an investigation.
- The investigator will assess the damages and quantify a compensation amount as per his/her assessment.
- The claim form can now be submitted.
- When intimation from MACT or court is received, an advocate can be appointed from the panel for follow up.
In case of loss, the following actions need to be taken:
- Keep the vehicle secured to prevent further damage or loss.
- Avoid driving the vehicle until repairs have been made as the policy won’t cover damages arising out of previous damages.
- Provide written statement to the insurer along with all relevant information and evidence as requested by the insurer.
- Provide detailed estimate of repair expenses.
- Inform police if the vehicle gets stolen.
- Once claim form and repair estimates are submitted, the insurer will appoint a surveyor to analyse the loss.
- The surveyor submits his/her report to insurance authorities.
- If bills have already been paid by the insured, reimbursement claims may be filed now.
- Any major parts or panels that can be salvaged should be collected so as to minimize the quantum of loss.
Information/Documents Required for Policy Claim Settlement
The insured needs to provide the following information when filing claims with the insurer:
- Contact number
- Name of insured
- Policy number
- Time and date of accident/loss/damage
- Loss location
- Brief explanation of reason for accident/loss/damage
- Loss extent
- Contact details and location of insured in case claim is made by any other person.
Claim Settlement Process
Once the claim has been notified to the company, the following will happen at the company’s end:
- A surveyor will be assigned within the next 24 hours.
- The surveyor will calculate the damages and notify about the same to the insured.
- On completion of repairs, the surveyor will once again inspect the vehicle.
- Payment receipts and repair invoice in original needs to be submitted by the insured.
- Disbursal of claim amount occurs within the next 7 working days once all relevant documents have been submitted.
- After repairs – cashless workshop.
Universal Sompo Motor Insurance Plan General Exceptions:
The following conditions are excluded from the claims procedure:
- Liability, accidental damage or losses sustained outside of the geographical location.
- Contractual liability claims.
- Any damages arising out of nuclear waste, radiations, weapons, combustion etc.
- Accidental damage or loss to property.
- Issues arising out of war, invasion, civil war, hostilities etc.
Renewing Universal Sompo Two Wheeler Insurance Policy Online:
Policyholders no longer need to make a trip to the insurance company office to renew their two wheeler insurance policy. Universal Sompo policyholders can renew their insurance policy online in a matter of a few quick and simple steps.
The process to renew your Universal Sompo insurance policy is listed below:
- Visit the Universal Sompo website and verify your existing policy by entering details like policyholder’s name, email address, contact details, policy number and vehicle registration number.
- Verify the policy details as listed by Universal Sompo and confirm the information is true.
- The premium amount payable for the renewed policy will be displayed on screen. On verifying the amount, choose the payment method and authorise the payment.
- An acknowledgement will be emailed, which can be printed until the physical policy documents are sent by post.
Universal Sompo Bike Insurance FAQ’s:
- If I meet with an accident in a different state, will I still be covered?
Yes, you will be covered irrespective of the city or state the accident takes place in.
- Where do I find a Claim Form?
You can download a claim form from the Universal Sompo website. You can also visit a Universal Sompo branch office and collect a copy of the claim form.
- Will I be able to claim the full amount at the time of filing a claim?>
You will be reimbursed the full amount as filed in the claim, with the following exceptions:
- Compulsory deductible under the policy.
- Depreciation amount, as indicated in the policy document.
- Voluntary deductible, if applicable.
- What is a deductible?
A deductible is a part of the claim cost that is to be borne by the policyholder. Deductibles are compulsory, with the amount decided at the time of the policy being issued.
- What is the procedure to be followed if my two wheeler is stolen?
If your two wheeler has been stolen, file an FIR (First Information Report) at the nearest police station and notify Universal Sompo by calling on the helpline as soon as possible. The claim executive will then guide you as to the steps to be taken next.
- How do I renew my Universal Sompo two wheeler insurance policy?
You can renew your Universal Sompo two wheeler insurance policy by visiting a branch office and renewing it in person. You could also renew the policy online by making an online payment towards your premium.
- Will I be able to file a claim if a friend/relative was riding the vehicle when an accident took place?
If you have paid to cover Personal Accident insurance for named individuals in your policy document, you can file a claim if the individual was riding at the time of the accident occurring.
- What is meant by total loss?
Total loss refers to damage that would require repair amounting to over 75% of the IDV (Insured Declared Value) of the vehicle as listed in the policy.
- What are the add-ons provided by Universal Sompo two wheeler insurance policy?
The list of add-ons provided by Universal Sompo are given below:
- Nil depreciation cover.
- Daily cash allowance.
- Hospital daily cash.
- Return to Invoice.
- Additional accidental injury compensation for family.
- No Claim Bonus protector.
- Roadside assistance for two wheelers.
- How is the IDV calculated?
An IDV (Insured Declared Value) is computed based on the manufacturer’s listed selling price for the model and brand.
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