Universal Sompo Passenger Carrying Vehicle | Insuremile

Frequently Asked QuestionsWhat is Universal Sompo Passenger Carrying Vehicle Insurance?

Universal Sompo Passenger Carrying Vehicle Insurance is a comprehensive policy designed for commercial vehicles that carry passengers. It provides coverage against damages to the vehicle, third-party liabilities, and personal accident cover for the owner-driver and passengers.How can I compare Universal Sompo Passenger Carrying Vehicle Insurance with other insurers?

You can compare Universal Sompo Passenger Carrying Vehicle Insurance with other insurers using the comparison tool on the InsureMile website. Enter your vehicle details, and the tool will display various policy options, coverage details, and premium amounts, helping you choose the best policy for your needs.How do I buy Universal Sompo Passenger Carrying Vehicle Insurance online through InsureMile?

To buy Universal Sompo Passenger Carrying Vehicle Insurance online through InsureMile, follow these steps:

• Visit the InsureMile website and navigate to the Commercial Vehicle Insurance section.
• Select ‘Passenger Carrying Vehicle Insurance’ and choose Universal Sompo from the list of insurers.
• Enter your vehicle details and personal information.
• Choose the desired coverage options and add-ons.
• Complete the payment process to purchase the policy.
What documents are required to buy Universal Sompo Passenger Carrying Vehicle Insurance online?

To buy Universal Sompo Passenger Carrying Vehicle Insurance online, you typically need the following documents:

• Vehicle registration certificate (RC)
• Valid driving license
• Previous insurance policy details (if renewing)
• Proof of identity and address (Aadhar Card, PAN Card, Passport, etc.)
How can I renew my Universal Sompo Passenger Carrying Vehicle Insurance through InsureMile?

To renew your Universal Sompo Passenger Carrying Vehicle Insurance through InsureMile:

• Log in to your InsureMile account.
• Navigate to the ‘My Policies’ section and select your existing policy.
• Choose the ‘Renew Policy’ option.
• Review and update any necessary details.
• Complete the renewal process by following the on-screen instructions and making the payment.
Are there any discounts available for Universal Sompo Passenger Carrying Vehicle Insurance? Yes, Universal Sompo offers various discounts on Passenger Carrying Vehicle Insurance, such as No Claim Bonus (NCB) for claim-free years, discounts for installing anti-theft devices, and voluntary deductibles. Check the InsureMile website or contact their customer service for more details on applicable discounts and how to avail them.

Motor Vehicles Act Compliance and Own Damage Valuation

Under Section 146 of the Motor Vehicles Act 1988, maintaining valid third-party liability insurance is mandatory for all motor vehicles operating on public roads in India. Driving without valid insurance attracts penalties under Section 196 of Rs 2,000 and possible imprisonment for a first offense, increasing to Rs 4,000 for repeat violations. Third-party property damage coverage is capped at Rs 7.5 Lakh, while liability for bodily injury or death remains unlimited under Motor Accident Claims Tribunal rulings.

Insured Declared Value (IDV) and Depreciation Slabs

Own Damage (OD) coverage compensates for vehicle accidental damages and total loss based on Insured Declared Value. Depreciation applies according to statutory age slabs under the Indian Motor Tariff: 5% up to 6 months, 15% from 6 months to 1 year, 20% up to 2 years, 30% up to 3 years, 40% up to 4 years, and 50% up to 5 years. Optional riders such as Zero Depreciation, Engine Protect for hydrostatic lock, and Return to Invoice provide complete reimbursement during major repairs.