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Universal Sompo Car Insurance Online

Universal Sompo General Insurance Company Limited is a joint venture of two nationalized banks Indian Overseas Bank and Allahabad Bank, a private sector bank Karnataka Bank, FMCG Corp Dabur Investment Group, and a leading General Insurance Company from Japan Sompo Nipponkoa Insurance Inc. formed as a General Insurance Company in partnership with the public sector, headquartered in Mumbai. Universal Sompo is the first public-private General Insurance Corporation.

Universal Sompo Car Insurance

For hassle-free claims with cheap car insurance premiums get your policy online on Universal Sompo. An online insurance policy is helpful to get a discount on your motor insurance, the policyholder will get the insurance policy soft copy to their mail immediately.

Universal Sompo has received a Gross Premium of Rs.903 Cr for year-end. Issued Universal Sompo car insurance plans. 6 Million Settled 1,11,787 policies as of March 31, 2016.

Discount on Universal Sompo Car Insurance

Avail No-Claim Bonus for successful zero claims

Get a discount on your insurance policy for increasing your voluntary deductible.

Additional discount for installing anti-theft devices in your vehicle.

Discount for specially designed vehicles for blind, physically handicapped citizens, this is to encourage social cause.

Add-on cover for Universal Sompo Motor Insurance policy.

Features of Universal Sompo Car Insurance

The highest claims settled with an average of 90%

More than 3500 network garages in Pan India

Get up to 7 years zero depreciation cover without any cap on a number of claims.

Daily cash allowance.

Why Universal Sompo Car Insurance?

For hassle-free claims with cheap insurance premiums get your policy online on Universal Sompo. An online insurance policy is helpful to get a discount on your motor insurance, the policyholder will get the insurance policy soft copy to their mail immediately.

Get a Universal Sompo four-wheeler insurance policy online instantly without any documentation process, also, get a Universal Sompo car insurance renewal plan instantly online with 2 easy steps.

General insurance policy copy downloads or get assistance through Universal Sompo customer care toll-free number.

Exclusions of Universal Sompo car insurance policy

Drunk & Drive

Driving a vehicle under the influence of alcohol is an offense by a court of law and accidents made under influence of alcohol cannot be claimed.

Planned accident

Staged accidents are offenses, organized accidents to get the claim form is void. In staged accidents, your entire policy will lapse.

Commercial use

If the policy is registered for personal use and the actual activity of the vehicle is for commercial use. Improper disclosure of vehicle, use will void the Bajaj Allianz car insurance policy.

Valid license

If a person driving a vehicle without any valid license will lapse your entire policy and a policyholder cannot claim service compensation for damage caused by wrong side driving.

Types of car insurance policies

Broadly, auto insurance policy is divided into 2 types for unpredicted damage loss

Third-party insurance

One of the most popular words known to many people owning a vehicle is Third party insurance cover. Also known as TP Insurance is a type of insurance that is mandatory to have for each vehicle owner.

For new buyers, there could be some doubts regarding the coverage, benefits, and exclusions in Third-party insurance. This article aims to clear most of your doubts regarding Third Party Insurance cover in the Motor insurance.

This legislation was created in the 1930s with a view that motor vehicle accident victims should not go without compensation owing to the financial capacity of the first party.

Before the introduction of compulsory third-party insurance in India, the victims of motor vehicle accidents were dependent on the mercy or claim to pay capacity of the first parties.

A person driving a vehicle may or may not be able to pay compensation to the injured third party and this has created a need for compulsory third party insurance across the World.

As per the motor vehicle act, Third Party insurance is also known as Act-only or Liability-only insurance and can be given on a Standalone basis. The first party in Motor insurance is the Insured person (Customer) and the second party is the Insurer (Insurance Company).

According to the Motor vehicles act, it is compulsory for every vehicle plying on public roads to have Third party insurance.

Coverage:

Third party insurance cover has the following benefits:

  1. Third Party Injuries: In case of an accident resulting in the injury of a Third party in Motor insurance, compensation is paid to the Third party by the insurance company on behalf of the insured. For example, your vehicle might accidentally hit someone walking on the road and injure them. Third party car insurance policy covers the cost to treat those injuries.
  2. Third Party Death: In an unfortunate accident resulting in the death of someone, compensation is paid to the family of the deceased. For instance, your car might hit someone on the road and injure them fatally resulting in their death. Third party car insurance policy pays the compensation to the family of the kin as awarded by the honorable courts. The maximum amount of compensation to be settled will be decided by the honorable court depending on the earning capacity, age, and other factors of the deceased.
  3. Third party property: When you damage the property of a third party person due to an accident, then the third party is compensated by the insurance company for the damage suffered by him. The maximum limit of Third party property damaged is Rs.7.5 Lacs.
  4. Personal Accident Cover: A third party policy comes with a compulsory personal accident policy for the Owner/Driver of the vehicle. In case of an accident that results in the death or disability of the owner of the vehicle, compensation amount up to 15 Lacs is paid to the insured or his family.

Exclusions:

There are certain exclusions in the Third party policy which are listed below.

  1. Damage to your car: Any kind of damage to the insured’s vehicle is not covered under standalone Third party insurance. For availing of this coverage, you have to purchase a Comprehensive insurance policy. This comprehensive insurance policy has an Own damage section which covers the damage to your vehicle.
  2. Violating rules while driving: Any third party insurance policy will not cover the damages or losses that occurred as a result of direct violation of traffic rules. For example, driving under the influence of alcohol, driving without a valid license etc is not covered under the Third party insurance.
  3. Driving without a valid insurance policy: Your third party car insurance policy in India will not cover the losses or damage to a third party in case of driving without a valid insurance policy. It is of utmost importance to renew the Third party car insurance policy online before the expiry date so as to avoid any breaks in the insurance policy.
  4. The car insurance renewal quote should contain only the necessary coverage opted by you. For instance if you select only Third party insurance coverage, the same should reflect in the renewal quote as well as in car insurance renewal tips.

Damage caused to the third party in case of the accident made by the policyholder and also third-party property damage is claimed.

IRDA (Insurance Regulatory Authority of India) has made a recent update in the premium for third-party insurance.

Cubic capacity Premium
1000cc Rs.2,055
1,000cc -1,500cc Rs.3,132
1,500cc Rs.8,630

Note: The maximum limit of compensation is up to 7.5 Lakhs. The amount of compensation is determined by a court of law.

Comprehensive car insurance policy

Get claim assistance in case of damage to your vehicle in case of accident, theft, vandalism, floods, fire, damage caused by animals, and other natural disasters except for damage due to a collision. A comprehensive car insurance policy is claimed by the calculating value of the vehicle after deducting depreciation.

Incidences Covered by Comprehensive Car Insurance?

A comprehensive plan protects your car from various situations other than the third party liability coverage, some of which are mentioned below:

Theft incidents: one of the important benefits that this type of coverage offers is for your stolen vehicle. The case may be that the vehicle is never recovered or recovered in a damaged state. Comprehensive policies cover this type of losses, subtracting your deductibles. However, if you have any aftermarket equipment installed in your car, like custom stereo systems, etc., you need to inform to the insurance company at the time of purchase of the policy, in order to get them covered under the same policy.

Damage caused by natural calamities: A comprehensive coverage also protects you and your vehicle against damages caused by factors referred to as "Act Of God". This refers to natural calamities like floods, cyclones, malicious act, etc.

Accidental Damages: This refers to any damage caused by a collision or any other type of accident. If you don't have a comprehensive plan, you might have to bear the costs by yourself and it becomes even more painful if you possess an expensive car or have bought it on credit. This car insurance policy ensures that almost all kinds of damages caused to your vehicle on the road will be covered, which in turn gives you peace of mind.

Costs of transportation: If your car breaks down midway for reasons mentioned under the terms and conditions of the insurance policy, the comprehensive policy will pay for alternate transportation. Since the rates of rental cars or taxis go up really fast, this can be considered a good money-saving technique.

However, all good things have slight drawbacks and the comprehensive car insurance plan is no exception. Comprehensive plans offered by different insurers do not always give all the coverage. Transportation costs for hired cabs, in case you have to leave your car at the garage for some time, are not provided by all companies. Many carriers do not include breakdown coverage under the standard plan and you might have to pay a little extra to get this coverage.

How to compare the best car insurance quotes

Comparing car insurance quotes from distinct carriers is a daunting process. PolicyBachat.com made your work easy by showing a comparison of genuine websites. Comparison of insurance online leads to cost efficiency due to low operating costs to maintain online.

PolicyBachat helps to calculate the pros and cons f the policy and buy the desired policy. Policy Bachat gives you the distinction between the carrier background, claim settlement ratio, network garages to configure the right insurance policy.

Get the top carrier quotes to distinguish the best insurance plan in terms of premium, coverage, and holding experience in the insurance sector. At Policybachat, a user can buy/renew a car insurance policy by simple easy steps instantly.

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