Universal Sompo Car Insurance

Universal Sompo General Insurance is the joint venture between the Indian Overseas Bank, Allahabad Bank, Karnataka Bank, Dabur Investment Cooperation and Sompo Japan Insurance Company. The company has its headquarters in Tokio. It is named under Fortune 500 companies, which makes it one of the trusted insurance providers in India as well. Apart from Universal Sompo Car Insurance, the company also offers other insurance products such as Health Insurance, Motor Insurance, Commercial Insurance, Burglary Insurance, and Cattle Insurance Policy to name a new.

Universal Sompo Car Insurance at a Glance:

Features  Highlights
Incurred Claim Ratio 70.91%
Network  Garages 2000+
Third-party Cover Included
No-claim-bonus Up to 50 percent
Hydrostatic Lock Cover Add-on Benefit

Why Universal Sompo Car Insurance?

Universal Sompo car insurance offers coverage to third-party liabilities and own damages in their comprehensive plan. You can either choose to buy the third party car insurance or comprehensive insurance, depending upon your priorities.

It is mandatory to buy at least 3rd party vehicle insurance. However, their comprehensive policy offers extensive coverage along with an option to buy add-on benefits such as Daily Cash Allowance, Hydrostatic Lock Cover, and Roadside Assistance among others.

Furthermore, you can buy optional extensions like third-party property damage cover of Rs. 7.5 lakhs, loss of accessories cover, liability cover for paid drivers and personal accident protection for the co-passengers.

Key Benefits and Features of Universal Sompo Car Insurance

The numerous benefits of buying Universal Sompo Car Insurance are listed below-

  • Immediate assistance over phone and emails
  • Cashless settlement of claims at network garages across India
  • Dedicatedgrievance redressal team
  • Minimal documentation is required
  • A variety of discounts are offered on the premium
  • Extensive coverage with add-on benefits
  • The easy and hassle-free claim process

Insured Declared Value

The IDV of a vehicle is fixed at the time of commencing/renewing the policy. The sum assured is determined by the Insured Declared Value of the four-wheeler as fixed by its manufacturer after adjusting the depreciation on its parts.

The schedule for depreciation for the purpose of constructive and total loss is listed below-

Table with the Schedule of Depreciation for Fixing the IDV of the Vehicle –

Age of the Four-wheeler Depreciation (%)
If not more than six months 5
Ranging between six months and one year 15
Between one and two years 20%
Between two and three years 30%
Between three and four years 40%
Between four and five years 50%

 

If the age of a four-wheeler is more than 5 years or the model has now become obsolete, then itsIDV can be decided mutually between the policyholder and the insurance company.

Please note that the insured four-wheeler will be considered as a constructive total loss if the cost of repair comes out to be more than 75% of its IDV.

No-Claim-Bonus

NCB shall be applicable as per the table below-

Own Damage Claims During the Policy Period Discount on Premium(%)
Zero claims made in the 1st year 20
No claims made for 2 succeeding years 25
No claims made for 3 succeeding years 35
No claims made for 4 succeeding years 45
No claims made for 5 succeeding years 50

Coverage Provided by Universal Sompo Car Insurance

The first and foremost thing that you should check while purchasing a policy is the coverage that it provides. Universal Sompo car insurance offers maximum protection at a minimal cost. Let’s see what all it covers-

1. Universal Comprehensive Coverage for Own Vehicle Damage

You will get compensation for damages that are caused under the following circumstances-

  • Riots, strike, fire, explosion
  • Accidental landslides/ rockslides
  • Malicious acts
  • Floods, earthquake, storms, cyclone
  • While transporting the insured four-wheeler

2. Universal Sompo Third-Party Liability Car Insurance

It is mandatory to buy third-party motor insurance cover for all the vehicle owners in India. The coverage provided ranges from third-party property damage to third-party death/bodily injuries.

Liability cover settles legal expenses/claims as demanded by a third-party or the court of law.

3. Universal Sompo Compulsory Accident Cover

It also provides compensation for accidental damage caused to the driver/owner of the four-wheeler.

Universal Sompo Car Insurance Add-on Benefits

In a comprehensive car insurance policy, you can avail the following additional benefits by paying an extra amount of premium –

  • Return to Invoice cover
  • Daily Cash Allowance
  • Zero Depreciation cover
  • Engine Protection cover
  • Hydrostatic Lock Cover
  • ConsumablesCover
  • Loss of RC and Driving License Cover
  • Key replacement benefits
  • Secure Towing Assistance
  • Child Education Support Clause
  • Roadside Assistance
  • Accidental Hospitalization Clause for Family
  • No-Claim-Bonus Protection Cover

Exclusions under Universal Sompo Car Insurance–

Claims arising due to the following reasons shall not be entertained –

  • An accident that has occurred outside the Geographical Area
  • If the owner/driver is found to be driving without a DL
  • Any consequential loss
  • Routinewear and tear
  • If the driver is found to be driving the four-wheeler after consuming drugs or alcohol
  • Using the four-wheeler beyond the scope of the limitation

Universal Sompo Commercial Vehicle Insurance

There are two types of commercial vehicle insurance provided by Universal Sompo-

  1. Motor Passenger Carrying Vehicles
  2. Motor Goods Carrying Vehicle

Inclusions of Universal Sompo Commercial Vehicle Insurance

Coverage is provided for both passenger and goods carrying commercial vehicles against-

  1. Any external damage resulting from an accident.
  2. Natural disasters such as earthquake, landslide, tornado, floods etc. that may cause the damage.
  3. Furthermore, compensation is also provided for damages caused by terrorist acts, malicious acts, theft, fire, self-ignition, riots, and burglary.
  4. If there is a damage while transporting the vehicle via inland waterway, rail, air, and road.
  5. Third-party legal liabilities, property damage, and bodily injuries are also covered.

Universal Sompo Commercial Vehicle Insurance Optional Benefits

  • Personal accident coverage to the co-passengers
  • Loss of car accessories ( electric &electronic)
  • Legal liability cover to any workman, cleaner and the paid driver

Exclusions of Universal Sompo Commercial Vehicle Insurance are similar to private car insurance.

Universal Sompo Car Insurance Discounts

Who doesn’t love discounts, whether it’s shopping or insurance, availing some discount is always good? Therefore, Universal Sompo car insurance has come up with the following discounts:

  • No-claim-discount on the Universal Sompo car insurance premium for not lodging a claim during the policy term.
  • Attractive discounts upon installation of an anti-theft device in the car.
  • Special discounts for four-wheelers that are designed for blind, handicapped and the specially abled people.
  • Further, you can reduce your vehicle insurance premium by opting for higher voluntary deductibles.

How to Compare & Buy Company Universal SompoCar Insurance Online?

Firstly, you need to select the type of coverage you need. Whether you want to buy a liability cover or want a comprehensive cover. Because the premium for comprehensive car insurance policy is comparatively more, due to the extensive benefits that it provides.

Though a comprehensive policy will be on a higher side, it has long-term benefits and offers you an enhanced protection. The premium for third-party car insurance is lesser because it only covers third-party damages and not the damages caused to your own four-wheeler.

The premium also depends on your car’ age, the city of registration, fuel type and the number of claims made during the year.

You can compare car insurance online based on the add-on benefits and select the ones that you need the most and the ones that fit in your budget. Based on the information that you submit, your car insurance premium will be determined.

Do not just choose a policy because of the premium cost.  Make sure that you get the maximum protection against the annual premium cost.

Universal Sompo Car Insurance Renewal

It is simple to renew your car insurance with Universal Sompo. It is advisable that you renew your policy before its expiry date. At the time of car insurance renewal, you can also update information regarding your vehicle and personal details.

Moreover, you can choose some of the best add-on covers while renewing the policy. Make sure that you compare car insurance online based on the coverage that your currently have and what it is missing. If you do not have key replacement cover, may be you can buy it while renewing the policy and so on.

How to Renew Universal Sompo Car Insurance Policy Online?

The process to renew Universal Sompo private commercial vehicle insurance and car insurance online is described below –

  1. For car insurance online renewal click on the below link- https://www.usgi.co.in/Motorrenewals/OnlineRenewalSearch.aspx?URN=ljnVlH+wxW8=
  2. To renew your vehicle insurance, select your vehicle type & coverage–
  • Private Car Insurance (Third Party Liability and Comprehensive)
  • Commercial vehicle (Third Party Liability Policies)
  1. Enter your existing policy number

Universal Sompo Car Insurance Claim Procedure

Filing Universal Sompo Car Insurance claim is a simple and hassle-free process. For your quick understanding, we have elucidated the steps below-

1. Universal Sompo Own-damage Claim Procedure-

  • Do not leave the car by itself
  • Immediately inform the insurer on their helpline number at 1800 22 4030
  • Do not attempt to drive the damaged car, as Universal Sompo vehicle insurance does not cover the consequential losses.

The insurer will ask for the following details-

  • Name of the insured. And if someone else is informing about the incident his/her details will also be required.
  • Time & date of the incident
  • Precise location
  • Contact details
  • Universal Sompo car insurance policy number
  • A brief description of the accident
  • The magnitude of the loss

The steps further to the claim intimation are as follows –

  • Submit the duly signed Universal Sompo car insurance claim form
  • Registration Certificate and DL
  • Police FIR (if required)
  • Estimates of the car damage repair
  • A copy of your Universal Sompo vehicle insurance policy
  • On submission of the claim form and repair bills, the loss/damage will be assessed by one of their representatives.
  • A survey report will be created and will be submitted to the insurance company.
  • If possible, try to collect the salvage of the damaged car and give them to the insurer.
  • Once the repair work is completed, you will get the reimbursement based on the bill estimation, original bills and invoices from the garage.
  • However, you can get your car repaired at any of their network garages and avail cashless repair service. Only the invoice receipt is required for cashless claim settlement.

2. Universal Sompo Theft Related Claim Procedure

  • Claim intimation should be given at their helpline number
  • Lodge the claim with a duly signed claim form
  • Car’s registration copy, driving license and original car keys ( if available)
  • Original vehicle keys with a copy of driving license, RC book,  and the policy documents
  • Copy of the Police FIR Report
  • No Trace Report of the insured four-wheeler from the police

3. Universal Sompo Third Party Car Insurance Claim Procedure

  • Straight away inform the insurer about the third-party accident/ damage on their helpline number i.e.1800 22 4030
  • Collect all the possible information that you can provide to the insurer, such as, vehicle information, contact details and other details regarding the accident
  • A copy of Police FIR is also required
  • Keep vehicle’s RC and driving license also ready
  • A copy of your Universal Sompo car insurance policy is also required
  • While filing the claim, submit the duly signed claim form
  • Once the claim is registered, one of their representatives will  carry out the investigation
  • Once intimation receipt is given by the court, an adept panel advocate will be appointed. From there you can follow.

You can track your car insurance claim status online through Universal Sompo online claim tracking facility.

You can download the Universal Sompomotor insurance claim form for private cars and commercial vehicles from here and send it to the nearest branch office –https://www.universalsompo.com/images/pdf/claims/forms/motorclaimformwefJan2014.pdf

The claim procedure remains the same for private car insurance and commercial vehicle insurance.

FAQS for Universal Sompo Car Insurance

Q1. Does Universal Sompo provide private car insurance and commercial vehicle insurance?

Yes, Universal Sompo provides both commercial and private vehicle insurance policies.

Q2. What are the add-on benefits that I can buy in my Universal Sompo car insurance policy?

Following add-on benefits are available in Universal Sompo car insurance. These additional features are only available in comprehensive car insurance policy for private cars

  1. NCB Protection Cover
  2. Daily Cash Allowance
  3. Engine Protection Cover
  4. Return to InvoiceCover
  5. Hydrostatic Lock Cover
  6. NilDepreciation Cover
  7. Child Education Support Cover
  8. Loss of Personal Belongings Cover
  9. Emergency Roadside Assistance
  10. Consumables Cover
  11. Key ReplacementCover
  12. Secure Towing Assistance
  13. Hospitalization cover for the family in case of an accident

For detailed understanding of add-on covers click here – https://www.universalsompo.com/images/Motor_Private_Car_Add_Ons.pdf

Q3. What is not covered in Universal Sompo car insurance policy?

The policy doesn’t cover claims arising due to any of the below-mentioned reasons –

  • Any type of consequential loss
  • Accident/collision outside the Geographical Area
  • Routine wear and tear
  • Driving without your DL
  • Driving after consuming alcohol or drugs
  • Using the vehicle beyond the scope of the limitation

Q4. What is Universal Sompo Hospital Daily Cash Cover?

Universal Sompo car insurance provides a compensation of Rs. 2000 on a daily basis if you buy daily hospital cash allowance benefit. The coverage is for a maximum of 30 days, in case of hospitalization due to an accidental damage.

Q5. What is No-Claim-Bonus Protection Cover?

If you do not make more than two claims during the policy term, your NCB will be accrued to your account. Provided you buy Universal Sompo Claim-Bonus Protection Cover.

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