Universal Sompo Car Insurance Overview
Universal Sompo Car Insurance by Universal Sompo General Insurance Company is the result of a joint venture between Indian banks – Allahabad Bank, Karnataka Banka and Indian Overseas Bank, an Indian investment company, Dabur Investments and a Japanese insurance company, the Sompo Japan Insurance Company. Universal Sompo has its headquarters at Mumbai. The Sompo Japan Nipponkoa Insurance Inc. is a leading Japanese insurance provider and is the largest property and casual insurance company in the country of Japan. Universal Sompo started operations in India in the year 2007 when it received its Licence and Certificate of Registration from the Indian Regulatory and Development Authority (IRDA) and has shown a steady growth since then.
Universal Sompo Car Insurance Plan at a Glance
|Features||Coverage and Benefits|
|Third Party Coverage:||Legal Liability due to damage or loss to third party or its property arising out of an accident is covered by the policy.|
|Incurred claim ratio:||102.22%|
|Personal Accident Insurance:||Yes|
|Network Garages:||Direct settlement procedure at network garages|
|No Claim Bonus||Yes|
Advantages of purchasing Universal Sompo car insurance plans
Universal Sompo is a new entrant to the general insurance industry but has been growing strong. It is striving to get a larger market share and emerge as a trustworthy company in this space. With the backing of Japanese insurance expert Sompo Japan Nipponkoa Insurance Inc., which is a Fortune 500 company, and the backing of three major Indian banks as well a major investment company, Universal Sompo is an ideal insurance company for those looking for robust insurance plans that are provided efficiently and quickly, with the most number of benefits and coverages. It is imperative that every car owner purchase insurance because it offers protection to the customer against damages caused to their own vehicle or a third party in the unfortunate event of an accident. The Universal Sompo Car Insurance Plan is the plan of choice for customers who are seeking a robust car insurance plan provided by a responsive private car insurance company. We take a more detailed look below are the benefits of purchasing Universal Sompo car insurance plans:
- Universal Sompo ensures that for new and returning customers who are purchasing or renweing car insurance plans that they offer is a hassle-free and efficient process.
- The plan gives coverage for both own damage liability as well as third party legal liability. Furthermore, customers may avail of additional covers for enhanced coverage and protection; some of these covers are free while extra premium has to be paid by the customer for others.
- Customers may make the use of add-on covers that are available to them such as Depreciation cover, daily cash allowance, Invoice Price Cover, etc.
- Universal Sompo has an authorized network of garages all over India where the customers may make cashless claim settlements.
- Customer who do not make any claim for a certain number of years are eligible to receive a No Claim Bonus, which will be provided on renewal of the policy. When an existing car insurance policy is transferred for the first time to Universal Sompo Insurance, Universal Sompo makes sure to retain the number of years that have gone claim free under the previous policy.
- The company provides 24*7 customer support so that the customers are never at a loss at any time. The customer support ensures that all customer queries and concerns are seen to in the quickest possible time.
- Customer guidance is provided via the web and through SMS service.
- Variety of discounts available on certain terms and conditions.
Salient Features and benefits of Universal Sompo Car Insurance plans
Universal Sompo car insurance plans have certain salient features and benefits, which are given below:
- Universal Sompo ensures that customers receive their car insurance policies quickly and with minimum documentation, so that the whole application process is a smooth and easy one.
- Universal Sompo car insurance has a network of certified chain of workshops or garages, all over India where their customers can avail of cashless claim settlements.
- Claim assistance is provided 24/7 by a team of specially and highly trained customer support specialists
- Customers have the facility of purchasing Add-on covers that greatly enhance their protection and coverage of their car insurance plans
Scope of coverage in Universal Sompo Car Insurance Plans
Universal Sompo car insurance plans cover the following contingencies:
- Calamities that are natural in origin such as earthquake, flood, fire, self-ignition or lightning, explosion, typhoon, tempest, hailstorm, frost, inundation, hurricane, cyclone, storm, landslide and rockslide, that cause damage or loss to the vehicle are covered
- Loss or damage to the car due to man-made activities such as riot, burglary, theft, malicious act, strike, terrorist activity, accident by external means,.
- Coverage is valid and provided while the car is in transit by road, rail, lift, inland waterway, elevator or air
- There is a third party legal liability cover where includes legal protection is provided from the death or injury claims from third parties. It also protects the customers from claims that arise due to damages that cause a death or a permanent injury of a person. The coverage is also provided against the following-claims that arise for damage caused to the surrounding property including passenger in the car. Coverage is extended to include any cost and expenses that have been incurred without Universal Sompo’s prior consent. Personal accident benefits are provided for the owner of the car, paid driver and the passengers in the vehicle.
Optional extensions that can be availed under Universal Sompo Car Insurance Plans
The following optional extensions may be availed by individuals who are purchasing car insurance policies from Universal Sompo:
- Under this plan even the Loss of accessories can be covered with a minimal addition in premium for all electrical and non electrical add-ons such as the music system and air conditioner, seat covers and alloy wheels. The addition in premium depends on the coverage opted for as declared at the time of the policy inception
- Legal liability to paid driver, cleaner or any workman – As the driver or cleaner or workman is considered to be his or her employee, the customer will be liable to pay for any damages, injuries, etc, that he incurs while driving the customer’s car. The customer may purchase this extended cover in order to protect him or herself from any legal liabilities.
- Personal Accident to the occupants – The customer has the option to purchase an additional personal accident cover for the passenger of his or her vehicle.
- Increased legal liability to property damage for a limit of 7.5 lakhs – The customer can provide an extra cover of up to an amount of Rs.7.5 lakhs for injury and damage to third party property.
Add-on covers that can be availed under Universal Sompo Car Insurance Plans
The customers of Universal Sompo car insurance plans may opt for additional Add-on covers that enhance the coverage of the car insurance plan. We take a more detailed look at the Add-on covers that may be purchased under the Universal Sompo car insurance plans:
- Customers may avail of an Invoice Price cover, in case of its loss. Here the compensation will be equal to the insured value plus registration plus road tax plus insurance.
- A daily cash allowance may be availed in case the vehicle is in the garage for repairs.
- An additional cover may be purchased by the customer for coverage of the medical expenses of the driver of the car and any occupants who were in the vehicle at the time of the accident.
- Customers may opt to purchase a depreciation cover that has coverage for up to 5 years from the registration date. It provides 100% repayment on replaced items, as well the repair costs, batteries, airbags, fiber glass, nylon covers and tyres, plus the payment of depreciation amount.
- There is a hospital cash cover that may be purchased by customers where a daily limit of up to Rs. 2,000 is given, for a maximum of thirty days of hospitalization.
- The customer may opt for an Accidental Hospitalization Clause for Family in case the owner and / or his family members are hospitalized due to a car accident.
- There is an add-on cover for key replacement in case the insured person loses his or her car keys.
- A roadside assistance cover may be availed.
- Secure Towing (Higher Towing and Removal Costs) cover may be availed
- There is a Hydrostatic Lock Cover for customers to avail.
- There is a Cost of Consumables cover.
- There is a Roadside assistance program where the following benefits are provided:-
- “On Site” Minor Repairs of the Covered Vehicle
- Fuel Delivery
- Flat Tyre Support
- Locked/Lost Keys
- Emptying of the Fuel Tank
- Battery Jumpstart
- Transportation of the Covered Vehicle
- Relay of Urgent Message
Some additional features and benefits provided by Car Insurance Plans offered by Universal Sompo Insurance
- Customers who install anti theft devices and who opt for voluntary deductibles are provided with a discount on their premiums.
- Universal Sompo has a network of empanelled all over India that provide cashless claims.
- Universal Sompo even provides for discounts on car insurance premium if you have membership with recognized automobile associations
- No claim bonus is applicable with Universal Sompo only if the policy had been continuously renewed without any break
- There is a discount for specially Designed/ Modified vehicles for the blind, handicapped and mentally challenged persons.
The exclusions under the Universal Sompo car insurance plans – what the plans do not cover
- Universal Sompo Car insurance plans do not cover the natural aging of the car and the wear and tear that occurs over time.
- The Universal Sompo car insurance plans are not valid when the car is used outside of the geographical limits of India.
- Universal Sompo does not accept claims for accidents and liabilities that occur when the driver of the vehicle is under the influence of intoxicants, drugs or alcohol.
- When the car is driven without a valid driving license and an accident occurs, Universal Sompo will not be entitled to provide coverage for the same.
- The Universal Sompo car insurance plan that is for private use only; the vehicle should not be used for reward or hire, pace making, organized racing, carriage of goods, reliability trials, speed testing, and for use in motor trade. However, if it is used as per the details mentioned above and if there are accidental damages or liabilities as a result of those activities, Universal Sompo will not provide coverage for the same.
- Only accident related expenses are covered by the car insurance plans provided by Universal Sompo. Expenses incurred due to electrical or mechanical breakdown are not covered by Universal Sompo car insurance plans.
- Damages and losses that incur due to nuclear fission and contamination will not be covered by the car insurance plan.
Applying for the Universal Sompo Car Insurance Plans from Universal Sompo General Insurance
The Car insurance plans offered by the company can be applied to through multiple channels like:
- Potential customers who want to purchase Universal Sompo’s car insurance plans may call the Sales helpline of the company and speak to the customer service representative.
- Interested individuals can mail their queries at the following email ID contactclaims[at]universalsompo[dot]com or contactus[at]universalsompo[dot]com.
- Potential and interested individuals may also visit the branch offices of Universal Sompo in order to meet an agent to buy the plans required.
Universal Sompo Car Insurance Premium Calculator
Universal Sompo provides the facility of getting a quote for premium calculation to prospective individuals who are looking to purchase car insurance plans. It is to be noted that with regards to car insurance, the premium is dependent on several aspects such as make and the model of the car, sub-model of the car, city of operation, the year of purchase and registration, Insured Declared Value (IDV), etc. Given below we have provided an instance where the premium has been calculated for car insurance:
A, who is a resident of Delhi, wishes to purchase a Car Insurance Plan for his new Honda Accord that he purchased in the month of October 2015, the amount of total premium works out to be Rs. 37,257.
Type of Vehicle
Insured Declared Value (Rs.)
Honda Accord 2.4 A/T
Universal Sompo Car Insurance- FAQs
1. How to pay premium? What are the modes of payment available?
Universal Sompo General Insurance offers three ways to pay the premium
- Direct debit from your bank
- Credit card payment
- Cheque payment
You need to sign a debit mandate for the direct debit. Thus, you don’t have the stress to remember the premium due date.
2. How can I check policy status for Universal Sompo car insurance?
You can check the policy details online or via toll free number.
If you are a registered user, simply login to e-Portal with your username and password.
3. What is the policy renewal process for Universal Sompo car insurance?
There are three ways of renewing your policy with the company.
- Debit mandate- Automatic bank transfer on the date as agreed in the Policy T&C.
- Call helpline of the company to inquire about the renewal process. Submit the payment in the acceptable bank branch.
- If you have an online insurer profile, directly pay the insurance premium.
4. What is the company’s process to settle claim for Universal Sompo car insurance?
Universal Sompo General Insurancetakes 7 business days to settle claims for minor accidents. You need to submit the mandatory hospitalization bills and reports in addition to the claims application and submit the same to the Claims department. The claim amount will be directly debited into the bank account of the policyholder.
5. What is the policy cancellation process for Universal Sompo car insurance?
You get a free look period of 15-days in which you can cancel the policy and premium will be deposited in your bank account, post deduction of incurred charges on your medical examination and the stamp duty charges.
You can cancel your policy by
Letter: Universal Sompo General Insurance Company Ltd.,
Plot No – EL-94,KLS Tower, TTC Industrial Area,
Navi Mumbai 400710.