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Universal Sompo Car Insurance

Universal Sompo General Insurance is the product of a joint venture between Indian bank, Karnataka Bank Ltd, Indian Overseas Bank, Dabur Investment Corporation, and leading Japanese general insurance company Sompo Japan Insurance Inc.

With 158 products approved by the IRDA, Universal Sompo has 17 zonal offices along with 86 branches across India. As the world has stepped into the digital age, Universal Sompo too has embraced the digital platforms to offer purchase and renewal of its products on its online platforms. A wide choice of products coupled with a seamless digital purchase experience makes Sompo a great choice for your insurance needs.

Universal Sompo Car Insurance at a Glance

Features

Benefits

Third-party coverage The policy covers legal liability that could arise from damage or loss to a third party
Claims settled 78.89%
Personal accident cover Covers policyholder in case of injury or death due to accident with the insured vehicle
Network garages Over 3600 authorized garages with cashless facility
No-claim bonus Yes – Discounts offered at the time of renewal if no claim filed in the previous policy term
Licensed agents Over 10,000 authorized agents

Merits and Characteristics of Universal Sompo Car Insurance

Insuring your car is mandated by the law, but it is also a prudent thing to do considering the expenses that could arise due to vehicle upkeep. Therefore, it is beneficial to have your vehicle insured.

Some of the benefits of purchasing Universal Sompo’s car insurance are:

  • Whether you are buying car insurance from Universal Sompo for the first time or want to renew your existing policy, the company and its platform offer a hassle-free experience.

  • The insurance policy covers not just own damage liability but also provides compulsory third-party liability. This means you are protected from liability to a third party in the event of an accident.

  • You can opt to purchase add-on covers like nil depreciation, daily cash allowance, return to invoice, cost of consumables, key replacement, accidental hospitalisation for family, roadside assistance, engine protector and no-claim bonus protector among others.

  • The policyholder can also benefit from a no-claim bonus, which offers a discount at the time of renewal if a claim has not been made during the previous tenure. This can lower the premium amount at the time of renewal. If an existing policy that has a no-claim bonus is being transferred, the bonus is retained by Universal Sompo.

  • Round-the-clock customer service ensures that policyholders are not left scrambling for help in their hour of need. Universal Sompo’s customer support attends to all queries at the earliest.

  • If you opt for a higher voluntary deductible, it brings down your premium amount.

  • Concessions and discounts are available for vehicles that have been modified for people with visual, physical, and intellectual handicaps.

What Is Covered Under Universal Sompo's Car Insurance Policy?

While purchasing car insurance, make sure to understand what events or expenses are covered under the policy.

Universal Sompo’s car insurance policy covers:

Coverage

Scope

Loss/damage from natural disastersLoss or damage incurred due to floods, lightning, hurricanes, landslides, earthquakes
Loss/damage due to man-made disastersLoss or damage incurred due to fire, riot, terrorism, malicious act, or burglary
In-transit coverageDamage or loss occurring while in transit via road, air, inland waterway, elevator, or rail
Third-party liabilityProtection against liability arising out of injury or damage to third party – this includes person, vehicle, or property
Compulsory personal accident cover for owner-driverThe vehicle owner is covered in the event of injury or death arising from an accident

What Are The Exclusions Under Universal Sompo's Car Insurance Policy?

As someone looking to purchase a policy, you need to be informed about what conditions are excluded from coverage from an insurance policy.

Some of the major exclusions in Universal Sompo’s car insurance policy are:

Exclusions

Scope

Normal wear and tearAny expenses arising out of regular wear and tear due to ageing is not covered under the policy.
Consequential lossAnd loss or damage that occurs because of previous damage does not have coverage under the policy.
Driving without a valid licenseExpenses due to damage while the insured car is being driven without a valid license for the vehicle class is not covered under the policy. Please note that this is an offence punishable by law.
Driving under influenceAny damage arising as a result of driving while under the influence of alcohol or other intoxicants is not covered by the policy. Please note that this is an offence punishable by law.
Breach of termsIf the terms and conditions of the policy are breached when damage occurs to the insured vehicle, the expenses are not covered under the policy.
When used out of geographical limitsThe coverage lapses if the insured vehicle is used out of India.

Additional Protection With Add-Ons With Universal Sompo's Car Insurance

You can tailor the policy to suit your needs by opting for one or more add-ons that Universal Sompo has to offer. This would ensure more comprehensive coverage than the standard insurance policy.

  • Nil depreciation cover – A nil depreciation add-on provides cover for replaced spare parts along with repair costs and any depreciation amount.

  • Return to invoice – The return to invoice add-on provides coverage for the amount difference between the car’s value on its invoice and its insurance declared value.

  • Personal accident cover for family members – You can opt for a personal accident cover for a named family member in the event of injury, disability, or death occurring due to an accident.

  • Daily cash allowance – In case your insured car is in an authorized garage for repairs covered under your policy, the daily cash allowance add-on provides you with a cash benefit for a maximum of 5 days plus a 3-day excess. In the event of a theft, the daily cash benefit is provided for ten days with a 1-day excess. This add-on is available for cars not older than 5 years.

  • Loss of personal belongings – In the event of a visible break-in, this add on provides coverage for loss incurred due to theft of personal belongings in the vehicle.

  • Electrical and/or mechanical breakdowns – In the event of an electrical or mechanical breakdown, this add-in provides financial coverage to cover repair costs if they are covered under the manufacturer’s warranty.

  • Roadside assistance – Often people find themselves in need of assistance when their car breaks down in the middle of the road. Opting for this add-in provides you with a host of facilities that assist you in such an event.

  • Key replacement – In the event of a break-in, loss of keys, or recovery of the vehicle after the theft, this add-on insures you against costs arising from replacing your car keys.

  • Engine protection – Opting for this add-on provides compensation for expenses occurring from repairs to the engine.

Additional Benefits

Universal Sompo’s car insurance policy provides benefits in addition to regular coverage. If you have an anti-theft device installed in your car, this could help lower your premium amount, as would opting for a higher deductible on your insurance. A deductible is a fixed amount that you pay in the event of a claim. Voluntarily choosing a higher deductible provides you with a discount on your premium.

For vehicles that have been modified for the use of individuals with visual impairment or physical and intellectual disabilities, concessions and discounts are offered. At the time of renewing your policy, Universal Sompo car insurance also offers a no-claim bonus if you have not filed a claim during the policy’s term.

How Can You Buy Universal Sompo's Car Insurance Policy?

Buying Universal Sompo car insurance is easy with a range of options available.

  • You can get a call back from the agents by providing your contact details on a form on the company’s website.
  • You can also call the sales helpline on the website and speak to a sales representative to express your interest in purchasing car insurance.
  • Additionally, you can opt to walk into one of Universal Sompo’s branches and speak to an executive.
  • If you wish to purchase insurance online, you can do so from the insurance provider’s website.
  • You can also visit Probus’s website and purchase or renew your policy.
  • Alternately, you can visit other insurance policy broker websites and purchase or renew your car insurance policy there.

How Do You Purchase Or Renew Car Insurance Online?

While offline options are available for purchasing and renewing car insurance policies, online purchase and renewal is the easiest and you can do it from the comfort of your home.

To buy car insurance online, you can opt for either of the following:

I. Purchase or renew via Probus

  1. Open Probus’s website.
  2. Provide your basic details like your name and contact information. To get a quote on your premium, you will need to add details like the brand and model of your car, the year it was manufactured, the type of fuel it consumes, and the variant.
  3. You will need to mention if this particular vehicle was insured previously. If yes, you will also need to mention the date the previous policy expires.
  4. From the choices you receive, you can pick which policy you think matches your requirements. You can tailor the policy according to what suits you by choosing add-ons.
  5. Once you have picked your insurance policy, make the payment and check your email for the policy document.

II. Purchase or renew via Universal Sompo’s website

  1. Open the official Universal Sompo website.
  2. Click on NEW POLICY or RENEW POLICY based on your requirement.
  3. Type in your car’s registration number, your mobile number, city of residence, and email address and submit to see the policy proposal.
  4. Go through the proposal and choose any add-ons that you may want to include and continue to payment.
  5. Once you make the payment, you can download the policy on the website or have it mailed to your email address.

Streamlined Claims Process With Universal Sompo

The reason anyone purchases car insurance is to file a claim when needed. When the time comes to file a claim, Universal Sompo’s process is efficiently streamlined and user friendly.

  • As soon as you notice that your car is damaged or you are facing a loss, call Universal Sompo’s nearest office or toll-free number 1800-22-4030 to intimate them of the situation. The claims officer will reach out to you for further procedure.
  • While intimating a claim, you will need to furnish details including your contact number, policy number, the name of the policyholder, date and time of the accident, the location where it took place, a short description of how it happened, and how much loss is sustained.
  • If the case has a third party claim, immediately give written notice to the insurance company that an accident involving a third party has taken place. Provide the necessary documentation and information as requested by the claims officer. Once the details are registered, an investigation will be conducted to ascertain reasonable and just compensation. In the meantime, you will need to submit the documents along with the claims form that can be downloaded from the website.

Factors Affecting Premium And Premium Calculation

While calculating the premium for a car insurance policy, numerous factors are taken into account. These include the make and model of the car, the variant and fuel type, the year of manufacture, the city in which it is registered, and the age and profession of the owner.

This is what your premium may look like:

Car Model

Price

Insurance Declared Value

Estimated Premium

Volkswagen Polo Comfortline 1.0L TSIINR 8.61 lakhINR 731,850INR 4805
Maruti Suzuki Baleno Sigma (1197 cc)INR 6.58 lakhINR 559,300INR 3672
KIA Seltos HTE 1.5 DieselINR 12.36 lakhINR 1,050,600INR 6898

*Values are calculated based on the city (Delhi) and year of registration (2021)

  • To compute the exact values, you can follow a similar method to the application and renewal process on the official Universal Sampo website. It will show you different premium amounts for different policies.

Frequently Asked Questions

1. How does a no-claim bonus discount work?

Ans: Let’s say it’s time to renew your car insurance policy and you haven’t filed a claim throughout the policy period. As a reward, the insurance provider offers you a discount on your own damage premium at the time of renewal. Suppose you don’t file a claim throughout the next term as well, then the provider offers a larger discount on your premium as a reward. However, during the third term, you file a claim for repair work. Then, your no-claim bonus is no longer applicable.

2. I want to renew my car insurance. When is a good time to do so?

Ans: It’s best to get your car insurance renewed before it expires so that there is no break in coverage. Not having valid car insurance is a legal offense.

3. I lost my copy of the insurance policy. Can I apply for a duplicate?

Ans: Yes, you can. You can walk into the nearest branch and hand in a written request along with a nominal charge for issuing a duplicate copy of the policy.

4. What happens to my no-claim bonus if I sell my car?

Ans: Insurance providers give no-claim bonuses to the policyholder, not the vehicle. If you sell your car, the no-claim will not be transferred to the new owner. Instead, you receive the benefit on the insurance policy for your new vehicle.