Universal Sompo Bike Insurance
Universal Sompo Bike Insurance
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Universal Sompo Two Wheeler Insurance

Universal Sompo General Insurance Company Limited is a rapidly growing general insurance company. It is a joint venture between Indian banks (Allahabad Bank, Karnataka Bank and Indian Overseas Bank), Dabur Investments, and a Japanese insurance company. The company was founded in 2007 and has its headquarters in Mumbai. Two-wheeler insurance plans of the company fall under the category of Motor Insurance. Universal Sompo provides highly affordable two-wheeler insurance plans that cover all the two-wheeler's damages like a champ. 

Highlights

Third-party liability cover

Up to 7.5 lacs

Network garages

3500+

Claim settlement ratio

88%

How To Renew Universal Sompo Two-wheeler Insurance Policy?

There are two ways to renew your Universal Sompo Two-wheeler Insurance- either through PolicyX.com or through the official website of the company. Let's discuss them in detail.

Renewal Through PolicyX.com

  • Scroll up to the 'Compare Two-wheeler Insurance Quotes' section of this page and submit your two-wheeler details. Also, click on the renewal option and provide expiry details.
  • Click on 'Proceed'.
  • From the list of quotes, choose Universal Sompo Two-wheeler Insurance.
  • Review the details and pay the premium with an acceptable source of payment i.e. credit/debit cards, net-banking, or e-wallets.
  • The customer will receive a mail regarding the payment for the policy renewal with policy documents on the registered email ID.

Renewal Through Universal Sompo General Insurance

  • Visit the official website of the Universal Sompo General Insurance.
  • You will get a pop up of 'Instant Renewal'. Click on 'Renew now' present under the motor section.
  • If there is no pop-up, then you can have to take your cursor on 'Motor' and click on 'Renew' under Two-wheeler/Private car. 
  • Through both steps, you will reach the 'Motor Insurance Renewal Page'.
  • Click on 'Renew Now' under the two-wheeler category.
  • Submit your policy number and click on 'Renew Now'.
  • Verify the details of your plan and premium. 
  • Pay using digital payment modes.
  • The company will share the policy documents on your email. 

Benefits of Universal Sompo Two Wheeler Insurance

To assist customers in the hour of need, the company offers great benefits which are mentioned below.

7-Day Claim Settlement: The company settles the claim in 7 days if all the documents and related information are submitted and have been approved by the Universal Sompo officials. 

24/7 Claim Assistance: Universal Sompo customer care is always available to guide the customer through their queries no matter what time the clock is showing. You can easily communicate by calling on the toll-free number.

Long-term Coverage: Universal Sompo has designed long-term two-wheeler insurance to provide 2-3 years of security to the two-wheeler and liberate the customer from the duty of frequently renewing their policies.

Universal Sompo Two Wheeler Insurance Add-on Covers

The company provides a wide range of add-on covers that allow you to enhance the basic cover at nominal prices. Below is the list of such add-ons for your reference.

Nil Depreciation Cover: With this cover, the company will waive off the depreciation while paying the claim. 

Return To Invoice: If the insured two-wheeler has been stolen or completely destroyed in an accident, the complete purchase value of the two-wheeler is paid to the owner.

Daily Cash Allowance: A daily cash will be allotted to the insured for daily commute if the two-wheeler is in the garage for repair. Compensation for a maximum of 7 days is given. For theft cases, cash is given for 10 days (maximum).

Loss of Driving License/RC: If you lose your current driving license, the company will pay Rs. 500 for the procurement of the new or duplicate driving license and registration certificate.

Additional Accidental Injury Compensation For Owner-driver: Get adequate coverage up to 8 lacs against the risks of assault or any other accidental injury leading to Death/Permanent total disability when travelling in the insured two-wheeler. 

PA Benefit For Owner: This cover will provide a financial cover that will protect you from accidental death/permanent disability or normal bodily injuries, whether you are travelling in your two-wheeler or someone else's vehicle.

Accidental Hospitalization Cover For The Family: If your family is travelling with you on the insured two-wheeler and met with an accident, the cost of inpatient treatment will be borne by the insurer on a reimbursement basis.

Hospital Daily Cash: A daily cash amounting to Rs. 2000 (for maximum 30 days) is given to the injured two-wheeler owner for in-patient hospitalization. This is applicable when the injury is caused by accidents.

Additional Accidental Injury Compensation (Family): This insurance cover will ensure financial safety against accidental death or permanent/partial disabilities happening to the family of the insured two-wheeler owner.

Accidental Hospitalization Clause For Family: This add-on offers reimbursement of inpatient hospitalization expenses incurred for accidental injuries suffered while travelling in the insured two-wheeler only.

Child Education Support Clause: This add-on will pay for the education fee of the insured's child/children in case where the owner of the insured two-wheeler meets with accidental death or permanent total disability. 

Cost of Consumables: The cost of consumables (screws, nuts, bolts, brake oil, lubricants, and grease) that is excluded in the basic package is covered under this add-on.

Roadside Assistance: The roadside assistance program will help the two-wheeler owner during the breakdowns by providing facilities like Towing assistance, Puncture repair, Cab Service, Fuel Delivery, accommodation and Vehicle Key Lock Out.

Engine Protector: The heart of the two-wheeler (engine) will be protected from water ingression due to heavy rains/floods/cyclones and also from leakage of lubricating oil causing damage to engine gears, differential parts.

NCB Protector: It doesn't matter how many claims you made in a year, the NCB percentage will remain unaffected and will not get minimized under this cover.

Discounts Under Universal Sompo Two-wheeler Insurance

  • No Claim Bonus: By purchasing the two-wheeler insurance, you will never be in loss. The company will always reward you with a no claim bonus for being faithful by renewing the policy on time and not making a claim during a policy year. 
  • Automobile Association Membership: If you are an active member of the Automobile Association, then you will receive a discount of 5%.
  • Installation of Anti-Theft Devices: Taking care of your two-wheeler and installing anti-theft devices will not only ensure the security of the two-wheeler but also reward you with the discounts on premiums.
  • Voluntary Deductibles: The two-wheeler owners can earn valuable discounts on premiums through opting higher deductibles. This is an optional rather than compulsory deductible, where you are bound to share the claim amount.

How To Calculate The Universal Sompo Two Wheeler Insurance Premium?

There are a few factors that you should know, which can affect your premium amount. Some key factors are listed below-

  • Model of your bike/scooter
  • Sub-type of model
  • The cubic capacity of bike/scooter
  • City of registration
  • Registration year
  • Add-on cover, if opted

Let's have a look at a few premium samples for better understanding.

Model

Price

Plan Type

IDV

Zero Dep

Estimated Premium

Bajaj Platina 100 cc

Rs. 47,763

Comprehensive

Rs.35,225

Rs. 85

Rs.941

Royal Enfield Thunderbird ABS 346cc

Rs. 1,56,496

Comprehensive

Rs.1,40,790

Rs. 845

Rs.1986

Suzuki Intruder FI- 154cc

Rs. 1,19,883

Comprehensive

Rs. 84,719

Rs.238

Rs.1611

Yamaha MT15

Rs. 1,389, 00

Comprehensive

Rs. 1,25,014

Rs. 675

Rs.1953

*The values are calculated on the basis of the city (Gurgaon) and year of registration (2020).

 Claim Process of Universal Sompo Two Wheeler Insurance

  • Intimate The Insurer: Notify about the claim to Universal Sompo via call, email or a direct visit to the branch.
  • Register an FIR: This is applicable to accident and theft cases where the incident must be reported to the nearest police station along with informing the insurer.
  • Examination of a Two-wheeler: The company will assign a claim surveyor to carry out a complete survey of the loss that happened to the two-wheeler and will prepare a report of estimated repairs to be paid. The report is then given to the insurer.
  • Submit Documents: Submit the claim form with relevant documents asked by the claim manager for faster approval of claims. The claim form can be downloaded from the Universal Sompo website or you can take it directly from the branch.
  • Approval Of The Claim: After checking the documents, the company will share the approval or rejection over the Call, text, e-mail or post.
  • Payment Of Claim: The payment is made within 5 days after the claim is approved. You can also track your claim status through the website by submitting the policy number.

Documents Required

  • Policy wording Documents
  • FIR (First Information Report) for accident and theft cases
  • Driving License
  • Vehicle Registration Certificate
  • Insured's name and contact details
  • A concise description of the nature of loss/physical injuries, if any
  • Address of the place where the two-wheeler is available for inspection
  • Photos of the accident and damaged two-wheeler, in case of an accident
  • Repairs Bills/ Invoice bills

Contact Details

Universal Sompo General Insurance Company

Tollfree: 1800 22 4030 I 1800 200 5142

Email id: contactus@universalsompo.com

Registered address: Universal Sompo General Insurance Company Ltd., Plot No - EL-94, KLS Tower, TTC Industrial Area, MIDC, Mahape, Navi Mumbai 400710.

PolicyX.com Insurance Web Aggregator

Contact number: 1800-4200-269/1800-4203-180

Email id:helpdesk@policyx.com

Registered Address: PolicyX.Com Insurance Web Aggregator Private Limited

1st Floor, Landmark Tower, Plot no-2, Southcity-1, Opposite C-113, Ashok Marg, Sector-41, Gurugram - Haryana - 122001 India.

Universal Sompo Two Wheeler Insurance : FAQs

1. If accidents happen in another city. Will it get covered?

Yes, obviously. The policy is not specific to one region or city. Universal Sompo will cover accidents regardless of where it has happened across India.

2. Where will the survey happen?

The surveyor will come directly to the workshop where the two-wheeler is submitted for repairs. In the case of the spot survey, the surveyor will come directly to the spot where the incident has taken place.

3. How many two-wheeler insurance plans are sold by Universal Sompo?

Universal Sompo offers two types of two-wheeler insurance plans- Two-wheeler Insurance and Two-wheeler Long-Term Package Policy.

4. What are some of the advantages of the Long-Term Two-Wheeler Package Insurance Policy offered by Universal Sompo?

Here are some of the advantages of choosing the long-term two-wheeler insurance policy:

  • Long-term coverage for a tenure of 2 or 3 years
  • No hassles of annual policy renewal
  • No effects of inflation on premium during the entire duration the policy is valid for.
  • No Claim Bonus can be retained during the tenure of the policy

Last updated on 06-07-2020