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Two wheeler Insurance

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Universal Sompo Two Wheeler Insurance Plans

Universal Sompo General Insurance Company Ltd

Universal Sompo General Insurance Co. Ltd if a combined undertaking between a number of banks from around the world and from India. From India, the two national banks are Allahabad Bank and Indian Overseas Bank and Karnataka Bank Ltd. Dabur Investment Corp which is an FMCG and Sompo Japan Nipponkoa Insurance Inc have all collaborated in order to form a general Insurance company. Universal Sompo General Insurance Company Limited is India’s first public-private in the General Insurance Industry.

The company was founded in the year 2007. The company headquarters is in the metropolitan town of Mumbai. Universal Sompo General Insurance company functions within India and offers a number of insurance plans, for example, health insurance, bike insurance, travel insurance, student travel insurance, home insurance and motor insurance as well.

Key Features - Bike Insurance Of Universal Sompo General Insurance Co. Ltd

The key features of buying two-wheeler insurance from Universal Sompo General Insurance Co. Ltd are:

  • The company’s speciality is the settlement of claims as fast as possible. For the convenience of the customer, the claims process is easy and hassle-free.
  • The two-wheeler insurance covers a large scope that includes third party liability as well as personal accident cover under the same plan.
  • Cashless claims facility is present in over 2000+ workshops that are spread across India.
  • The company provides 24*7 telephone assistance for its customers. This service is available even during holidays. Claims can also be made through this service.
  • No claims bonus for the number of no claims for the time period of each insurance is given to the insurer. The number of no claim years is credited in the bonus feature as long as the insurer stays insured.
  • The customer goes through a hassle-free and high standard service when going to one of the 2000+ workshops that are around the country.
  • Personal accident cover provides coverage in the case of death or the permanent or total dismemberment that is caused by the two-wheeler insured under the company.

Inclusions Of Two Wheeler Insurance By Universal Sompo General Insurance Co. Ltd.

Apart from the usual coverage of the bike insurance, there are a number of additional coverages that a customer can opt for and get free of charge.

The general inclusions of the bike insurance plan from Universal Sompo General Insurance include the coverage for loss or damage to the insured two-wheeler due to natural calamities such as fire, explosion, self-ignition, lightning, flood, typhoon, earthquake, hurricane, hailstorm etc as well as man-made accidents such as theft, riot, strike, burglary, terrorist activity, accident etc.

Personal accident cover for the driver of the vehicle or the owner while driving the vehicle or traveling. Mounting and dismounting of the vehicle are also covered. An amount of Rs. 1 Lakh is kept for this type of coverage.

Third party liability that not only covers for the medical expense of individual(s) who are not covered by the insurance, but also for the damage that is caused to property due to the insured vehicle are all taken care of under this insurance policy. The minimum amount that is provided for third party liability is Rs. 6,000 while the maximum amount is Rs. 7,50,000.

The optional extensions that may be covered under the two-wheeler insurance plan from Universal Sompo General Insurance include:

  • Extension of policy for co-passengers.
  • Extension of the legal liability of the driver, cleaner or any other workman.
  • Compensation for the loss of accessories that are on the two-wheeler.

Additional covers that are provided to customers on a premium include:

  • Depreciation cover for a time period of 5 years that covers the100% of the vehicle that is insured. This includes the replacement of items, the cost of repairing the battery of the vehicle, airbags, tires, etc.
  • A returned invoice may be provided.
  • When the vehicle is under repairs, a daily travel allowance will be given to the insurer for his/her convenience.
  • The company will pay between the manufacturing selling price and the insured declared value of the insured vehicle in the case of total theft or total loss.
  • Compensation for the loss of license and acquirement of another one.
  • Additional accidental injury compensation. The amount that is compensated is only Rs. 1 Lakh.
  • A wider personal accident cover.
  • The company gives hospital coverage up to Rs. 2,000/- per day. This coverage is available for a maximum of 30 days.
  • Accidental hospitalization clause may be availed by the insurer in case the owner or his/her family members are in the hospital due to an accident.
  • A Driving-train Protect cover is provided for the inner parts of the insured vehicle such as the gear box, the damage due to water ingress, leakage from lubricating oil, etc.
  • Cost of consumable cover.
  • Roadside assistance program is also part of this additional cover that includes:
    • 24*7 roadside repair assistance.
    • Facility for towing.
    • On spot repair of the insured vehicle.
    • Assistance in the case of a tire puncture.
    • Emergency fuel delivery service.
    • Cab services.
    • Accommodation for passengers.
    • Shipment for spare parts.
    • Key lock assistance for the vehicle.
    • Route guidance and relay for emergency messages.

Exclusions Of Two Wheeler Insurance By Universal Sompo General Insurance Co. Ltd.

Despite the coverage range of the two-wheeler plan from the company, the plan does not cover the damages of a vehicle under particular circumstances; these are the exclusions.

The normal wear and tear of the bike due to regular usage and the ageing of the vehicle will not be covered under this plan. This also includes the wear and tear of consumables such as the types and tubes of the vehicle which may be damaged. Any form of electrical or mechanical breakdown of the insured two-wheeler is not covered. If the vehicle is driven outside the bounds of the insured area the depreciation or any consequential loss of the vehicle. Any damage that is caused to the vehicle when being driven by a person who is without a driver’s license, under the influence of drugs or alcohol is not taken care of by the company. Any loss of damage to the vehicle due to war, mutiny or nuclear risk is not covered.

Claims Process For Two-Wheeler Insurance

The claims process takes place in three simple steps which are easy to follow and hassle-free for the insurer.

  1. Register For A Claim - The insurer needs to register a claim with the insurance company by calling the toll free number. Necessary details such as the contact number, accident date and time, the description of the accident, vehicle inspection address and the kilometer need to be given. Once these are given, he/she will be provided with a Claim Reference Number, which is used to know the status of one’s claim.
  2. Sending The Vehicle For Repairs - The damaged vehicle is taken as quickly as possible to a nearby garage. If the two-wheeler is stolen, then a report from the police needs to be provided to the company. Once 90 days have passed, and the vehicle is yet not found, then the necessary documents are submitted on which the company will start the claims process.
    An inspector comes and sees the amount of damage that has been done to the vehicle and gives an estimate to the company about the amount of money that is required in order for repairs. The medical expenditure is also taken care of on submission of necessary documents and bills.
  3. Claims Settlement - For the settlement of claims a number of documents are required to be submitted to the company. The documents include -
    • Claim form.
    • Original RC copy of the vehicle.
    • Original driving license and self-attested copy.
    • Copy of the first two pages of the insurance policy.
    • FIR from the police.
    • Original estimate.
    • Original repair invoice and payment receipt.
    • Satisfaction letter if the customer opts for the cashless facility.
    • A stamp in case of company-registered vehicles.