Universal Sompo Two-Wheeler Insurance Policy: Coverage, Claim & Renewal

Updated: 18-10-2019 12:07:02 PM

For anyone owning a two wheeler vehicle it is mandatory to own insurance for the same alongside. Without a two wheeler insurance plan, you can land in jail or be fined or worst case scenario, both. For this purpose, Universal Sompo Two Wheeler Insurance Policy can prove quite useful.

What Is Universal Sompo Two-Wheeler Insurance Policy?

Universal Sompo Two-Wheeler Insurance Policy covers motorcycles and scooters used for personal, social or commercial purpose. The bike insurance policy offered by the company ensures that the policyholder is protected from financial losses, caused by damage or theft of the vehicle. As per the law, it also protects the driver or individual owner of the vehicle from third party liability due to accidental or property damages resulting in the permanent injury or death of a person.

Types Of Plans

The Universal Sompo Two-Wheeler Insurance Policy offers two kinds of two-wheeler insurance policies and they are discussed below:

• Two Wheeler Motor Insurance: The Package policy covers losses incurred through own damage in a number of situations such as natural calamities or man-made causes or theft. It also covers damages to third party as it is a comprehensive policy.
• Long Term Package Policy: This policy gives an option to policyholder to choose between two or three years, thus, helping them avoid yearly renewals and save on premium hike for Third Party Rates. Under this, the policyholder gets Personal accident coverage of Rs. 15 lakh for the driver or individual owner of the vehicle.

What All Universal Sompo Two-Wheeler Insurance Policy Covers?

Circumstances under which cover will be provided by the Universal Sompo India Two-Wheeler Insurance Policy:

Loss of or damage due to

• Fire explosion, self-ignition or lightning
• Burglary housebreaking or theft
• Damage due to natural occurrences (earthquake, flood, cyclones, flood, hailstorm frost)
• Damage due to mob activities, riots, terrorist activities
• Damage whilst in transit by road rail inland, waterway lift elevator or air

Liability To Third Party

In case the accident is caused by or arising out of the use of the insured vehicle, the insured will become liable to pay for the following:

• Death of or bodily injury to any person including the pillion rider
• Damage to property other than property belonging to the insured

Personal Accident Cover for Owner-Driver: This policy will pay compensation in case of bodily injury/death sustained by the Owner-Driver of the vehicle due to violent accident. The insurance company will compensate if the claim arises because of the following circumstances and the total liability of the insurance company shall not in the aggregate exceed the sum of Rs. 1 lakh during any one period of insurance.

Nature Of Injury	Scale Of Compensation
Death	100%
Loss of two limbs or sight of two eyes or one limb and sight of one eye	100%
Loss of one limb or sight of one eye	50%
Permanent total disablement from injuries other than named above	100%

Add-On Covers 

• Nil Depreciation cover: Covers the cost of depreciable parts such as rubber, metal, plastic, nylon, etc at the time of claims
• Return to Invoice: In case of a Total Loss or Constructive Total Loss, Universal Sompo will reimburse the invoice price including the Road Tax Registration charges
• Daily Cash Allowance: If your insured two-wheeler is in authorized garage due to the accidental repairs (for more than 3 days), the company will pay you the daily allowance as compensation
• Loss of Driving License: A compensation of up to Rs. 500 if the owner of the insured vehicle losses Original Driving License or Original Registration Certificate to obtain the duplicate copy
• Additional Accidental Injury Compensation (Owner): In addition to the compulsory Personal Accident Cover of 1 Lac, you can extend up to 8 Lac in a slab of 1 Lac in case of a injury leading to Death or Permanent Total Disability, due to the accident while driving the insured vehicle
• Wider PA Benefit (Owner): To extend the Personal Accident Cover up to the Sum Insured of Rs. 5 lakh
• Accidental Hospitalization cover for Family: Universal Sompo will reimburse the cost of the hospitalization expenses incurred by the owner of the insured vehicle due to accidental injury while travelling in the insured vehicle for all the named family members’ up to Rs. 5 lakh
• Hospital Daily Cash: In case of hospitalization due to accident while traveling in the insured vehicle, the company will pay maximum Rs. 2000 per day for maximum 30 days.
• Additional Accidental Injury Compensation (Family): This cover will extend the Personal Accident Cover up to the Sum Insured of Rs. 5 lakh, for named family members.
• Driving – Train Protect (Cover for Child parts of Engine, Differential and Gear Box): Any consequential losses or damage to the parts of the engine or gear box due to the water inlet or leakage of oil will be covered (but not due to the accidental means). Only one claim will be entertained.
• Cost of Consumables: Under this cover, the cost of the consumables, such as nuts, bolts, washers, battery water, gaskets, grease, etc. is covered at the time of claim
• Road side Assistance for Two Wheelers: You get 24*7 road side assistance along with various facility like towing, repair on the spot, repairing puncture, emergency fuel delivery, etc.
• Engine Protector: Any consequential losses or damage to the parts of the engine or gear box due to the water ingression or leakage of oil will be covered due to the accidental means
• NCB Protector: To retain the No Claim Bonus even after lodging a claim, so that you can avail discount on the next year’s premium, pertaining to the maximum of 2 claims made in a policy period

How To Apply Online For Universal Sompo Two-Wheeler Insurance Policy?

One can buy Universal Sompo Two-Wheeler Insurance Policy through online easily and following are the steps to do it:

• Visit the official website and hover your mouse on Motor Insurance
• There click on “Buy Now’ that will take you to the page
• Policyholder has an option to select the product they are interested in buying from Long Term Two Wheeler Liability Policy, Two Wheeler Long Term Package Policy, etc.
• Afterwards, they need to complete the form by entering the details of their vehicle, select the extensions and add-on covers available, calculate the premium, and make the necessary payment through the available payment options.

Claim Process

• In case of accident, immediately intimate the insurer by calling on their toll free number 1-800-22-4030 or +91-22-26748600 and get your claim or reference number
• While intimating the insurer, following details should be kept handy:

• • Name of the insured person
  • Insurance policy number
  • Contact number
  • Date, time, and location of the accident
  • Brief description of the accident
  • Address and contact details of the insured person in case a claim is notified by a person other than the insured vehicle owner
• In case of major accidents including fire, riot, losses, make sure that the two wheeler remains in the same spot as where the accident occurred so that a surveyor can inspect it
• An official will get in touch with you within 24 hours of registering the claim to assist you with the claims process
• Insurance company will appoint claim surveyor within one working day
• Upon completion of the initial formalities, the two-wheeler can be taken to an authorized workshop where he needs to obtain an estimate cost from them and same should be submitted to the insurance company along with the claim form. If Third party injuries are involved, the policyholder needs to attach FIR also
• Policyholder also needs to submit the cash bills which will be reimbursed by the insurance company within 5 working days of completion of documentation

Process For Third Party Two-Wheeler Insurance Claims

• Intimate the insurance company about the accidental damage or loss done to a third party
• Submit the required documents, claim form and evidence as required by the insurer post which it carries out the necessary investigation
• Once the intimation is received from the Motor Accident Claims Tribunal (MACT) or Court, an advocate is appointed whom the insured should follow up with.

 Documents Required For Claim Process

• Duly-filled and signed claim form
• Copy of the registration certificate of the vehicle
• Copy of the driving license
• Copy of the insurance policy
• FIR, if applicable
• Third party loss details
• Repair bill in original, cash receipt, and proof of release

Exclusions Under Universal Sompo Two-Wheeler Insurance Policy

Following cases do not qualify for making claims:

• Normal Wear and Tear
• Damage to tyres (unless vehicle also damaged)
• Driver without a Valid Driving License
• Driving under the influence of intoxicants such as liquor or drugs
• When the vehicle is used for any illegal purpose
• Usage outside geographical limits
• If the vehicle is used for carriage of goods, organized racing, pace making, speed testing, reliability trials, etc.
• Nuclear wars and perils

Insured Declared Value

The Insured Declared Value is the sum insured which is fixed at the starting of each policy period for the insured vehicle. It represents the value of the vehicle as per current market conditions and is fixed on the basis of the manufacturer’s listed selling price of the brand and model.

If your vehicle is new or just six months old, it will be covered at zero or 95% of invoice price and thereafter depreciation will be charged as per the usage. The IDV will be calculated by applying the percentage of depreciation specified in the tariff on the showroom price of the vehicle. However, if the vehicle is five years old and obsolete, IDV would be determined on the basis of an understanding between the insurer and the insured.

Universal Sompo Two-Wheeler Insurance Policy Renewal

• One can renew the insurance policy online by clicking the ‘Motor’ under the Product tab on the official website
• Select ‘Get Quote’ that will take them to the renewal page
• Enter the policy number and make the payment via debit, credit card or net banking

It is important for the policyholder to renew their policy before the expiry date to maintain the continuity or else, the vehicle needs to be physically inspected at your cost and a fresh proposal form will be collected. If the policyholder doesn’t renew their policy on time or within 90 days, they will lose the accumulated No Claim Bonus.

Note: Now you can also renew the policy using PayTM platform under the ‘Motor Renewal’ option

Advantages Of Universal Sompo Two-Wheeler Insurance Policy

• Provides annual and long term two/three-year bike insurance cover
• Policyholder is eligible to get long-term policy discounts between 5 to 10 %
• Policyholder can increase the coverage by opting for add-on covers

• No Claim Bonus can be availed based on number of claim-free years

• No claims benefit up to 50%
• Policyholder can transfer full benefits of No Claim Bonus when they shift their motor insurance policy to another company

FAQs

Q1. Is it compulsory to get damaged vehicle repaired in networked garages?

Though it is not compulsory to get damaged vehicle repaired in networked garages yet the advantage is that the repairs are cashless in networked garages. All claim settlements on vehicle repairs are settled directly between Universal Sompo and networked garage authorities without the need to go through the process of loaded documentation.
If due to any reason, insured repairs it from non-network garages then also reimbursement is made by Universal Sompo upon receipt of complete claim form, along with the supporting documents and bills after matching it with the report of assigned inspection officer.

Q2. Does this policy offer any discount?

Yes, following are the discounts which this policy provides:

• Discount for opting higher voluntary excess
• Discount for installing anti-theft devices in the vehicle

Q3. Can Universal Sompo refuses to reimburse claims?

Universal Sompo normally honors all claims unless they fall under the exclusion list category and these may include, but not exclusively yet similarly, the following:

• Damage due to undue negligence
• Damage/Injury due to reckless or drunken driving
• War situation or nuclear attacks
• Not having valid driving license at the time of mishap Involvement in unlawful driving activities like robbery or snatching