Universal Sompo Car Insurance Policy: Coverage, Claim & Renewal

Updated: 29-08-2023 09:17:40 AM

A comprehensive car insurance policy is important to manage the expenses incurred due to unwanted situations on the road like accidents. One such plan is Universal Sompo Car Insurance policy that gives peace of mind by offering varieties of features and coverage to manage the costs related to injury to the policyholder, damage to the insured car or any such problem to a third party.

What is Universal Sompo Car Insurance Policy?

Call it a financial blanket for your car, Universal Sompo Car Insurance Policy is designed to safeguard against unwanted expenses incurred during untoward incidents. These events include theft or loss of the car, expenses arising due to accidents, bodily injury to the policyholder or any problem to the third part, be it a vehicle or a person, because of the insured car, etc. It covers private cars used for social, pleasure or domestic purpose. These vehicles can also be used by the policyholder for their employees.

Read More: What is Car Insurance, Coverage, Claim & Renewal

What all Universal Sompo Car Insurance Policy Covers?

• The  policy extends its coverage for loss or damage to the vehicles due to:

• • uncontrolled events like fire, explosion, self-ignition, lightning, burglary, theft, riot, strike, malicious act, terrorism, earthquake, flood, typhoon, accidental external means, landslide or rock slide, road/rail/inland waterway/air transit

• Third Party Liability: Being a comprehensive plan, Universal Sompo Car Insurance covers the minimum compulsion of Third Party Liability without which you cannot legally take your car on roads. Thus, the policy covers bodily injury and property damage to the third party due to an accident involving the insured vehicle
• Personal accident cover for the insured driver is also included in the policy

Apart from the aforementioned points, one can also choose to extend the coverage by paying extra premium. Let us look at the coverage:

• Loss of car accessories
• Coverage against legal liability to paid driver or any other worker
• Coverage for personal accident of the occupants
• Increase in the capital assured in Third Party Legal Liability up to Rs. 7.5 lakh

Eligibility Criteria

• To be able to buy this car policy, you should be 18 years old or above
• Present original registration book of the car
• Possess a driving license

Claim Process for Universal Sompo Car Insurance Policy 

The claim process for Universal Sompo Car Insurance is easy and hassle free.

• Immediately inform the insurance company about the eventuality (accident) including details like your policy number, contact numbers, date & time of accident, location of loss, extent of loss/damage, etc.
• Inform the company either through email contactclaims@universalsompo.com or by calling on 1-800-22-4030 (from MTNL & BSNL Lines) OR +91-22-27639800
• As soon as the claim is registered, the insurance company arranges for a ‘Spot Survey’ to determine the damage and injury
• After the survey and verification of the documents, the claim payment is transferred to the policyholder’s account

Documents Required for Claim Process

• Duly filled in and signed claim form
• Policy document (original)
• ID Proof
• Photograph of the damaged car
• Passport size photograph of the policyholder
• Copy of Driver’s License
• Copy of car’s registration certificate
• Bank account details
• FIR copy (theft and accidents)

Time Taken to Settle Claims

The insurance policy offers reimbursement and cashless claim facilities. The latter is given under network garages. The claims are settled within 30 days of submitting all the documents, provided no further investigation is required.

Exclusions under Universal Sompo Car Insurance 

Although this one is a highly inclusive motor insurance policy, there are certain cases not covered by it. Some of these are:

• Compulsory deductible amount
  • Damage to tyres and tubesuni
• Accidents that happened outside the decided geographical area
• Loss due to depreciation of the car/normal wear and tear
• Accidents involving driving under the influence of alcohol or drugs or similar stuff
• Accidents while driving without a valid driver’s license
• Rash driving or intentional indulgence in rough activities

Add-On Covers 

Apart from the regular coverage, this car insurance policy offers add-on coverage which are additional benefits. These can be availed on payment of an extra amount. Some of these covers are:

• Daily Cash Allowance
• Accidental Hospitalization Clause for Family
• Key Replacement
• Road Side Assistance
• Cost of Consumables
• Secure Towing (Higher Towing and Removal Costs)
• Hydrostatic Lock Cover
• Engine Protector
• NCB Protector, etc.

Insured Declared Value (IDV)

IDV is the maximum assured amount to be given on filing claims. This amount is fixed after considering various terms and conditions. It is agreed upon between the policy provider and the policyholder. This amount is usually equal to the current market price of the vehicle. This amount depends on factors like brand of the car, type of the car, etc.

For further details on calculation of IDV, refer the table below:

Renewal Process

Renewal process of this car insurance by Universal Sompo is easy and hassle free. You can get the policy renewed either online or offline.

Online

• Provide your existing policy details on the dedicated renewal portal available at the official website of Universal Sompo
• As you submit the stated details, you’ll instantly get the renewed policy quote
• Pay the renewal premium via internet banking, debit/credit card, etc.
• Get a printout of the receipt and the policy document for your perusal

Offline

• Visit any of the branches of Universal Sompo and submit all the documents in hard copy along with the renewal form and pay for the premium amount of renewal there itself

Universal Sompo Cashless Garages

When you get enrolled in Universal Sompo private car insurance, you automatically get access to their cashless garages across the country for all your repairs. Instead of going through the cumbersome process of reimbursement involving submission of documents and waiting for the payment to be released, what you can opt for is getting your car mechanised in one of the cashless garages under Universal Sompo General Insurance.

Important Aspects

Apart from all the information stated above, there are certain aspects that must be taken care of while buying the plan and post that too. These are:

• Once the vehicle has met with an accident and the claim is registered, do not use the car for any purpose. If there is any further damage to the car, the insurance company shall not cover the same
• To avail the cover, make sure the following points are well-taken care of:
  • the owner-driver is the registered owner of the vehicle insured herein;
  • the owner-driver is the insured in this policy
  • the owner-driver holds a valid driving license
• No-claim bonus is provided for every year gone by without the policyholder making a claim

Advantages of Universal Sompo Car Insurance Policy

There are many reasons why one should go for the car insurance apart from the legal compulsion. Just like wearing a helmet or buckling the seat-belt is more than a traffic rule, having a car insurance is not merely a financial cover. It gives the person mental peace as well.

• You can be more safe by opting for extensions like loss of accessories, legal liability to the paid driver, personal accident cover for the occupants of the car, etc.
• If you opt for higher voluntary excess, or have approved anti-theft device installed in your car, you will be awarded with discount in your Universal Sompo Car Insurance policy
• There is special discount if the car is modified or designed ergonomically for the differently abled

FAQs

Q1. What documents should I always carry while driving my car?

You should always carry your valid driver’s license), insurance copy, your car’s Pollution Under Control certificate along with your car’s Registration Certificate)

Q2. What if I lose my policy document? Will I get a duplicate one?

Yes, you can get a duplicate copy of your Universal Sompo Car Insurance policy. Visit the nearest branch of the company along with an application regarding the same and you shall receive the duplicate copy.