Riding a two-wheeler without a valid insurance can land one in jail, with the penalty being a fine of Rs.1,000 and/or a three month prison term. The primary intention of having a vehicle insurance is to protect the interests of everyone involved in an accident, with the two-wheeler insurance plans from Universal Sompo designed to meet the basic requirements as per law. Additionally, one can choose to customise the plans to enhance the protection, ensuring that their bike is protected against all odds.
Features and Benefits of Universal Sompo Two-Wheeler Insurance
Two-wheeler Long-term Policy Package
- Motor Two-wheeler Insurance
Two-wheeler Long-term Policy Package – 2/3 years
- Motor Two-wheeler Insurance – 1 year
Personal accident cover for owner
- Loss of bike due to natural incidents
- Damage to bike caused by natural incidents like fire, floods, cyclones, landslides, hailstorms, etc.
- Loss/damage to bike due to human incidents like theft, accidents, terrorist activities, etc.
- Damage to bike during transit by air, elevator, lift, inland waterway, etc.
- Legal liability in case of damage to a third party
Accidents due to wilful negligence
- Generic wear and tear of vehicle/consumables (tyres, tubes, etc.)
- Consequential loss
- Breakdowns (mechanical/electrical)
Two-wheeler Long-term Policy Package – Every 2/3 years, as per initial period chosen
- Motor Two-wheeler Insurance – Yearly
Winder PA benefit
- Nil depreciation cover
- Daily cash allowance
- Return to invoice
- Loss of DL
- Accidental hospitalisation cover (family)
- Hospital daily cash
- On road price/Manufacturer’s selling price
- Accidental injury compensation
- Consumables cost
- Roadside assistance
- Engine protector
- NCB protector
- Return to invoice
|No claim bonus (NCB)
||Maximum NCB one can avail is 50% of the premium
|No claim bonus after claim
||The NCB decreases after each claim
|Zero Depreciation cover
||Can be availed
||Refund is payable based on certain conditions. A maximum of 60% of the own damage premium can be paid in case of policy cancellation.
|If plan expires
||No cover is provided, with the NCB lapsing if policy isn’t renewed within a specified period of time.
||Located across the country
Reasons To Choose Universal Sompo Bike Insurance
Choosing a bike insurance policy from Universal Sompo can be beneficial in a number of ways.
Policy options – One can choose between two policy options. These come with a tenure ranging from 1 year to 3 years, helping one opt for a policy based on his/her needs.
Add-ons – There are a number of add-on options available. One can customise the policy to meet his/her current requirements. These add-ons not only offer enhanced protection, but are also relatively inexpensive to purchase.
Exhaustive cover – The policy provides protection against a number of plausible scenarios.
- Discounts – Individuals who opt for a long-term policy are eligible for discounts ranging between 5 and 10% of the premium amount.
No claim bonus – There are two NCB types offered by Universal Sompo: Normal NCB and Incremental NCB. The Incremental NCB is designed for those who opt for higher policy periods, offering additional incentive to policyholders.
Simple claims process – There is a simple claims process in place, ensuring that all claims are handled in a speedy manner.
Online purchase and renewal – One can purchase/renew the policy online, helping them save time and effort.
High Insured Declared Value – Universal Sompo provides a higher IDV, with the maximum depreciation limited to 50% of the vehicle cost.
Two Wheeler Plans Offered By Universal Sompo
An individual looking to purchase a two wheeler insurance from Universal Sompo can choose between two options, based on his/her tenure expectations.
Motor Two-wheeler Insurance Policy – This is ideal for those looking for annual cover. An annually renewable policy, it provides protection against a number of situations, with a host of add-on options available.
Two-wheeler Long-term Package Policy – This policy is designed for those who do not wish to renew the policy each year. One can choose a maximum policy term of 3 years, with it covering third-party liability as well as damage to the bike.
Coverage Provided By Universal Sompo Two Wheeler Insurance
Third-party liability – Protection is provided against any legal liability to a third party in case of an accident involving the insured vehicle. This includes damage to another vehicle/injury to an individual.
Damage to bike – Any damages caused due to events like cyclones, earthquakes, floods, landslides, typhoons, etc. are covered by the policy. This also covers any damage as a result of terrorist activities.
Loss of bike – If the bike is lost within the geographical limit of India.
Transit – Any damage to the bike while it is in transit, either through rail, air, inland waterway, road, etc.
Theft – The policy protects against theft/burglary.
Personal accident cover – A personal accident cover is provided under the plan, wherein compensation will be paid if the owner/driver meets with an accident while using the insured vehicle.
Exclusions Under Universal Sompo Two Wheeler Insurance
Not all events are covered by the policy. This is primarily done to ensure that the insurance cover isn’t misused.
Ageing – The performance of a vehicle can be impacted by time, with ageing impacting certain components. Any damage to the bike due to generic ageing is not covered by the policy.
Generic wear and tear – Using the vehicle on a daily basis results in generic wear and tear. This can result in damage to certain components like the suspension, brakes, clutch, etc. This wear and tear isn’t covered by the plan.
Breakdowns – Any breakdown due to electrical/mechanical reasons.
Wilful negligence – Any accident which is a result of wilful negligence.
Unauthorised use – Any incident which occurs when the vehicle is used for a purpose which is not as per the set rules. This includes using the bike for racing, speed testing, etc.
Unlicensed driver – Any damage which occurs when the bike is used by an individual who does not have a valid driving license.
Alcohol/drugs – Any accident which occurs when the rider is under the influence of alcohol/drugs.
War – Any damage due to war/mutiny.
Nuclear damage – Any damage caused to the bike due to a nuclear incident.
Eligibility To Buy The Universal Sompo Two Wheeler Insurance Online
While there are no predefined eligibility criteria to purchase a bike insurance from Universal Sompo, one would be expected to keep these simple elements in mind.
Registration – Universal Sompo will not provide an insurance policy if the vehicle is not legally registered.
Fitness certificate – The vehicle in question should be in a condition to be used on the road. As such, a fitness certificate might be required in the case of old bikes.
Licensed – The individual who owns/uses the bike should have a valid license.
Unmodified – The vehicle should not be modified to enhance performance. Universal Sompo can choose to deny insurance in such cases.
Inspection – A physical inspection of the bike might be required in cases where the previous policy has lapsed.
Note: The criteria mentioned above could vary on a case to case basis.
Steps To Buy The Universal Sompo Two Wheeler Insurance Online
Purchasing a motor vehicle insurance policy from Universal Sompo is extremely simple, with the insurer providing an online platform for the same.
- Log onto the official website of Universal Sompo General Insurance.
- Choose the two wheeler option on the homepage, under the “Buy/Renew Online” option.
- One will then have to provide a few basic details. The name, email id, mobile number will have to be entered.
- One will have to choose the product they wish to purchase.
- The details of the vehicle should be provided. These include the date of registration of bike, year of manufacture, name of manufacturer, bike model, engine capacity, etc.
- Choose the tenure.
- A quote of the premium will be provided.
- One can choose to purchase the policy by paying the requisite amount.
How To Make A Universal Sompo Two-Wheeler Insurance Claim?
Universal Sompo has a dedicated team which handles all claim related issues. In the event of an incident which causes damage to the vehicle/results in injury to the rider/third-party, it is imperative to inform the insurer to initiate the claims process by keeping these simple points in mind.
- Intimate Universal Sompo executives by calling their toll free number – 1 800 22 4030. Alternately, one can also call on their 24x7 call center number +91 22 26748600.
- Once a call is made they will be provided a reference number.
- Provide details of the incident. Make sure that no detail is left out. The claim form must be duly filled and submitted.
- Universal Sompo will assign a customer service manager. He/she will get in touch with the claimant within 24 hours.
- Post this a claim surveyor will be appointed. One can get the vehicle repaired once the survey is done.
- The individual will then be required to submit all claim documents to the insurer.
- Subject to authenticity of the claim documents the insurer will complete the payments.
Universal Sompo provides the feature of tracking the status of the claim online.
Renew A Universal Sompo Two Wheeler Insurance Online In Simple Steps
It is possible to renew an existing bike insurance online, with Universal Sompo having a simple, three step procedure in place.
- Provide details of the existing policy. This includes the policy number.
- Check the premium amount based on the details provided.
- Pay the amount. Payment can be done either via net banking, credit card, or debit card.
One can choose to print the policy certificate or download it as a soft copy.
Why Deductible Is Important In A Universal Sompo Two Wheeler Insurance Plan?
The deductible is a voluntary contribution which the owner of the bike/holder of the insurance policy makes if the vehicle is involved in an accident/is damaged. The insurer pays a specific percentage of the sum, with the policyholder paying the remaining portion as the deductible.
In simpler words it is the percentage the owner is willing to pay if the vehicle is damaged.
Opting for a high deductible results in reduced premiums. However, in case of an incident, the individual will be expected to pay a certain percentage of the damage.
Alternately, one can opt for a low deductible, wherein they will not be expected to pay any amount in case of an incident. However, the premium amount will be higher.
What To Do After The Expiry Of A Universal Sompo Two-Wheeler Insurance Plan?
If one fails to renew a bike insurance policy before its expiry date, all benefits offered by the policy become null and void. Any damage to the vehicle during this period will not be covered. It is imperative to renew the policy immediately. One can contact Universal Sompo executives to assist them in renewal or could choose to renew the policy online.
The NCB accumulated by a plan could also become null and void if the policy isn’t renewed within a specific period of time.
Universal Sompo Two Wheeler Insurance Customer Care Service
Individuals who require any assistance with regards to their bike insurance policy can reach out to officials at Universal Sompo. The insurer has a dedicated toll free number, in addition to a helpline.
Toll free number
For BSNL/MTNL users - 1800 22 4030
For other users – 1800 200 4030
Universal Sompo Two Wheeler Insurance Frequently Asked Questions:
- Will I have to pay call charges when I call the Universal Sompo helpline number?
Yes, calling the helpline number will attract local charges. One can choose to contact officials
on their toll free number to avoid charges.
- Will I get a discount on the premium if I choose a policy with a 2 year tenure?
Yes, a 5% discount is offered on policies with a period of two years.
- My policy expired two months back. Can I renew it online?
No, one can renew a policy online only if it expired within a period of 45 days from the date of renewal application. In the current case, one will have to get the bike inspected before it can be renewed.
- My two-wheeler was attached to a company which uses it as a taxi. Will my insurance policy provide protection in this case?
No cover will be accorded if the bike is used as a taxi. The policy is designed to provide cover only when it is used as a private vehicle.
- How long will it take to settle a claim?
Universal Sompo will complete all claim related formalities within 5 days of receiving the documents. This time period could increase in case of incomplete documents.