Universal Sompo Two Wheeler Insurance

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Universal Sompo Two Wheeler Insurance

Universal Sompo General Insurance Company or USGIC is a company having nationwide presence based in Mumbai. USGIC commenced operations towards the end of 2007 after receiving a registration certificate and license from IRDA in the month of November the same year.

The stakes in the joint venture general insurance company are divided between its Indian and Japanese partners in the proportion of 74:26. Indian partners comprise Allahabad Bank, Karnataka Bank, Indian Overseas Bank and Dabur Investments. The joint venture company has a strong capitalization of more than Rs. 230 crores.

At the onset, the Indian partners provided the joint venture with an asset base of more than Rs 3, 14, 071 crores. The banks provided 4000 branches and outlets, and Dabur provided more than 15 lakh outlets.

The Japanese partner is Japan’s Sompo Japan Nippon Koa Insurance Inc. Sompo is serving in the entire gamut of the insurance sector and has the largest share of property and casualty insurance market of Japan.

Why USGIC?

  • IRDA approved general insurance company
  • Countrywide offline and online distribution
  • Winner of several awards and recognitions
  • Financially strong and socially responsible company
  • Financial and property risk management expertise
  • Claims settlement ratio of 99.23%
  • Over ten years of trustworthy performance deliverance
  • Responsible staff adept in grievance handling
  • All time emergency assistance

Driver Safety Initiatives of Universal Sompo

USGIC wishes all drivers and owners of bikes to have safe rides always and so it has made widely available two wheeler insurance plans that not only covers for third party insurance but also provides personal accident and vehicle damage cover. But that is not the end of its endeavors towards enhancing the safety of drivers on roads; Universal Sompo group has also introduced “Safety Sight” an android based tool for the safety of two-wheeler drivers.Universal Sompo advises all drivers as well as pillions and owners of bikes and two wheelers to:

  • Wear helmets and guards while driving
  • Not to travel in overloaded vehicles
  • Follow safe driving guidelines
  • Regularly service bike/two wheeler
  • Conduct regular safety checkups of two wheelers
  • Download Safety Sight App on their mobiles
  • Always carry copy of two wheeler registration certificate in vehicle
  • Always carry valid driving license
  • Always carry a copy of Universal Sompo two wheeler insurance policy in vehicle

Complete Mobility through Universal Sompo Two Wheeler Insurance

Mobility is a factor of progress and also a matter of risk. The more mobile you are, the more are your chances of progress in life yet not without increased risks. Universal Sompo wishes all two-wheeler riders great mobility towards their goals and is like a friend in need in times of emergencies on roads.

Universal Sompo two wheeler insurance cover takes care of the compulsory third party insurance and offers third party insurance solution in keeping with the rules and regulations of the Motor and Vehicle Act.

Universal Sompo two wheeler insurance cover provides comprehensive two wheeler insurance cover for driver or owner of the insured two wheeler or bike. This means you can avail not only third party cover but also personal accident and vehicle damage cover.

Universal Sompo two wheeler insurance is always with you during problems on the road be it any time of the day or night. Universal Sompo assists you in a number of additional ways which include but not exclusively the following:

  • Roadside repair assistance
  • Vehicle towing assistance to nearest networked garage
  • Lost key assistance
  • Accommodation assistance
  • Daily cash for number of days vehicle takes to repair
  • Medical emergency care assistance
  • Legal assistance

Features and Benefits of Universal Sompo Two Wheeler Insurance

  • Total two wheeler insurance cover
  • Long term two and three-year bike insurance cover
  • Long-term policy discounts between 5 to 10 %
  • Increased comprehensiveness through add-on covers and assistance features
  • No claims benefit up to 50 %
  • Provisions for partial claims benefit
  • Complete transfer of NCB
  • Refund of own damage premium (ODP) in case of vehicle total loss
  • Online claim tracking
  • Cashless vehicle repair in networked garages

Universal Sompo Two Wheeler Insurance Claim Process

Shortly after purchasing Universal Sompo two wheeler insurance, policyholder gets a complete policy document folder. The folder contains the policy document wordings (terms and conditions, inclusions and exclusions, indemnification limits, prescriptions and related matters), claim form, a list of networked garages, helpline and customer care numbers and contact addresses. The policy letter carries a policy number which is very important while registration of claims or reporting of emergencies.

If any event happens to occur such as is covered under Universal Sompo two wheeler insurance policy, then it is important to intimate at the emergency help lines provided in the policy document. Universal Sompo assigns an inspection officer to immediately visit the site and render the needed assistance.

If any event happens to occur such as is covered under Universal Sompo two wheeler insurance policy, then it is important to intimate at the emergency help lines provided in the policy document. Universal Sompo assigns an inspection officer to immediately visit the site and render the needed assistance.

Universal Sompo Two Wheeler Insurance - FAQ's

1
When should a FIR be registered?

You need not register a FIR for each and every type of misadventure. FIR needs to be registered in case of vehicle theft or damage to your vehicle due to vandalism or willful acts of destruction by another person. If your vehicle gets damaged due to collision with another vehicle then in that eventuality also it is wise to register a FIR. Wherever you suspect or are confirmed that your vehicle has been damaged willingly or unwillingly by someone else, then police intervention would be required, and in all matters of police intervention, the first step is to register a FIR.

2
What if the third party registers a FIR against you?

A third party will think of registering a FIR against you if the same has been injured or hurt by your bike or two wheeler or if the party’s property gets damaged by your vehicle. The issue can become severe in cases of death or serious injury to the third party, but if you were driving safely and were within rules and regulations you would need to put that point across, and you can also indemnify the third party up to prescribed limits of your third party liability insurance of your two-wheeler.

3
Who all are included under the third party?

The third party can be any individual or group who is likely to raise a claim for being injured or put at a loss due to your two-wheeler. The party can be an individual or group of people whom you collide into while driving in your vehicle or it can also be a person or persons whom you have seated at the back seat of your vehicle or in other words third party pillions can also raise a claim if injured while travelling on your vehicle.

4
What is covered under third party liability?

Third party liability cover provides for indemnification to the third party as per rules and stipulations of Motor and Vehicles Act for death, injury, disability and property damage due to two-wheeler accident or mishap.

5
Who all can be included under personal accident cover of United Sampo’s two wheeler insurance policy?

Personal accident cover can be included for the vehicle owner, named vehicle driver and named pillion. In the case of unnamed two wheeler driver also personal accident claim can be raised if driver possesses a valid driving license. Unnamed pillions are covered under third party liability.

6
Can USGIC refuse to reimburse claims?

USGIC 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

7
What is a total failure?

Total failure occurs when the cost of repairing a damaged vehicle works out to be more than 75 % of its IDV. In such cases, the policyholder is given back own damage premium amount, and the policy stands cancelled. The amount of own damage premium payable to policyholder depends when the total loss is declared and is as per the stipulation and limits prescribed in the policy document.

8
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 USGIC and networked garage authorities without the need to go through the process of loaded documentation and settlements are made in real time that is when the repair work is in progress.

If due to any reason repairs works have been sourced from non-networked garages then also reimbursement is made by USGIC upon receipt of complete claim form, along with the supporting documents and bills after matching it with the report of assigned inspection officer.

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