Compare Universal Sompo Car Insurance Plans

Compare Universal Sompo Car Insurance Plans

Universal Sompo General Insurance Company Ltd

Universal Sompo Car Insurance Plans

Getting your car insured with a comprehensive insurance plan is a necessity these days to avoid getting into a bad spot financially. Car insurance policy is even more important these days because the government has made it mandatory. One of the best insurance companies in India to buy car insurance from is Universal Sompo General Insurance Co. Ltd.
Universal Sompo is a private insurance company founded in the year 2007. Three major Indian banks have collaborated in creating the company, namely, Allahabad Bank, Indian Overseas Bank and Karnataka Bank Ltd. Other investors are Dabur and Sompo Japan Nipponkoa Insurance Inc.
The company is unique because it public and private sector firms have partnered to provide general insurance solutions like motor and health insurance. The Universal Sompo car insurance policies and other products are approved by the IRDA. Universal Sompo aims to provide world class services and products in the Indian insurance market.

Universal Sompo Car Insurance: Key Features And Advantages

The expertise of all the companies associated with Universal Sompo brings out the best in the insurance products and services. With IT tools and branch offices all over India, they provide efficient and safe services. Be it for personal or professional use, if you use a car, you must get insured, and there are many advantages to buying from Universal Sompo General Insurance.
You can read any Universal Sompo General Insurance review, and you will be satisfied enough to buy a policy from them. Here are some features and benefits of buying Universal Sompo car insurance plan

  • The overall claim settlement ratio of the general insurance company is high
  • You get hassle-free Universal Sompo General Insurance policy renewal online service
  • 24X7 toll-free, quick and efficient customer care and SMS updates service are available to all customers
  • A number of different discounts and offers are put forth that you can take advantage of
  • Minimum documentation is required while applying and claiming the policy
  • There is a huge network of garages for direct and cashless claim settlements
  • They have a trained customer support team to assist with the claims
  • You can customise your policy with the multiple add-on covers that are offered
  • The internet tools allow you to view the Universal Sompo claim status online easily

What Is Covered In The Plan?

  • Partial or total loss of the car because of theft, burglary, riot, strike, malicious act, or even terrorism
  • Damage to the car caused by fire, explosion, self-ignition, lightning, earthquake, flood, typhoon, accidental external means, or landslide, etc.
  • Accident coverage is provided in the policy for the registered driver of the insured vehicle
  • Third party liability cover that helps you if damage occurs to someone else’s property or someone gets injured

The Car Insurance Plans

The motor insurance category in the Universal Sompo General Insurance list includes policies for different kinds of vehicles like 2-wheelers, passenger vehicles, goods-carrying vehicles, etc. For private car insurance, there is only 1 product. But the same product can be bought in different ways, with different options for different purposes.
The private car insurance plan can be bought for your vehicle if you use it for domestic or pleasure purpose. It can also be applied to cars that are used for professional reasons like when they are used by the car owner’s employees.

1. Basic Cover Plan

This variant includes only the compulsory covers that the Universal Sompo car policy offers. This plan is a bare minimum for all car owners. For more details, there is a Universal Sompo policy download brochure link on the official website.

Premium:

  • Based on the type and age of the car. It also depends on the area you live in.

What is covered?

  • Loss or damage caused to the car because of various factors that are explicitly listed
  • 50% cost of the replacement of rubber, nylon and plastic parts like tyres and air bags
  • Fibreglass parts are covered up to 30% of the value
  • 100% compensation in case of accidental death or total permanent disablement

What are the advantages?

  • The premium range is low if you buy just the basic package
  • No-claim bonus discount is applicable on the own damage premium, starting at 20% and extending up to 50% for five consecutive no-claim years
  • Discount for installing approved anti-theft devices in the car

What is not covered?

  • Accidents that occur outside the mentioned geographical area
  • Depreciated value of the car
  • Accidental benefits for occupants besides the owner/driver
  • Towing costs or towing services for the car
  • Cost of the lost accessories 

2. Basic Cover With Optional Extensions

You can add four optional extensions to the basic coverage plan to increase the value of your policy. These extensions provide better protection to the insured person.

Premium:

  • The Insured Declared Value factors when the premium amount is decided. The cost of the optional extensions you choose gets added to the premium amount of the basic plan.

What is covered?

  • All the covers of the basic plan are included
  • The third party legal liability cover offered in the basic plan can be increased to the limit of Rs.7.5 lakhs for increased financial protection
  • You can buy an extension to cover the costs of accessories that get damaged or lost with the car
  • The plan can also include the cover legal liability to paid drivers, cleaners or other such workmen
  • The most important extension is the personal accident benefit cover for the occupants

What are the advantages?

  • You will have lesser exclusions while claiming
  • The company offers discounts if you opt for voluntary excess

What is not covered?

  • If accident occurs when driver is in an intoxicated state, claim is rejected
  • Expenses because of consequential loss or normal wear and tear
  • Roadside assistance like towing facilities are not provided

3. Insurance With Private Car Add-Ons

To take complete advantage of an insurance policy, you should customise your policy with optional add-on covers. The basic cover can be optimally enhanced by voluntarily opting to pay some extra premium for extra services.

Premium:

  • Each add-on comes at some cost, but the cost is lower that one would expect.

What is covered?

  • Apart from the coverage offered in the basic package, you can choose from 21 different add-on covers
  • Some of the popular add-ons are
    • Hospital Daily Cash cover: Rs.2000 per day to the owner/driver in case of hospitalisation due to accident for a maximum of 30 days
    • Accidental Hospitalisation Clause for Family: the company reimburses the in-patient treatment costs for the family of the insured
    • Return to Invoice: complete IDV or the on-road price of the car will be paid in full in case of theft of car that is not older than five years
    • Nil Depreciation cover: this waives the depreciation and instead reimburses the whole cost. It is available in 3 variants for cars not above seven years of age
    • Roadside Assistance cover: a complete service that helps if the car becomes immobilised on the road. It includes emergency towing assistance, emergency fuel delivery, cab service, etc.
    • Cost of Consumables cover: this provides reimbursement for the expenses incurred for the replacement of consumable car parts

What are the advantages?

  • You can obtain an improved overall coverage
  • Some of the exclusions of the basic policy can be removed
  • You can alter the plan according to your specific needs

What is not covered?

  • Company is not liable to pay anything if insured person is found driving without a valid driver’s license
  • If the car is being used for illegal activities, nothing will be paid

Universal Sompo Car Insurance Claims

The company provides easy and quick claims processing. You can download the Universal Sompo claim form for car insurance from the website or inform them through the call centre service.


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