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Universal Sompo Third-party Two-Wheeler Insurance

Bike insurance protects against road risks and satisfies the legal requirement outlined in the Motor Vehicles Act of 1988 and subsequent amendments. Third-party bike insurance is a wise decision because it is required by local law. On the other hand, it only pays for third-party liabilities for injuries and property damage when the insured vehicle is involved in an accident.

With Universal Sompo third-party two-wheeler insurance, you can ride with confidence, knowing that all liabilities, both legal and financial, are covered. Furthermore, despite having restricted risk coverage, the Universal Sompo third-party bike insurance has a low premium.

Continue reading on to learn more about the Universal Sompo Third-party Bike Insurance in detail!

Features and Benefits of Considering the Third-Party Two-Wheeler Insurance from Universal Sompo

Listed below are the key features and benefits of choosing Universal Sompo Third-Party bike insurance. 

Law-Compliant:

Complies with the requirements of the Motor Vehicles Act of 1988, which promotes safe driving habits.

Provides Liability Cover:

The Universal Sompo third-party bike insurance protects you from financial and legal obligations resulting from damage to a third party’s property, injury to a third party, or death of a third party brought on by your insured two-wheeler.

Cost-Effective:

Comparatively speaking, third-party bike insurance is less expensive than comprehensive bike insurance. Due to the limited coverage, the premium is reasonable. By choosing the Universal Sompo third-party bike insurance for longer terms, you can further cut the cost.

Legal Cover:

Your third-party bike insurance by Universal Sompo will not only protect you from legal trouble but will also provide legal cover for the accident’s legal implications.

Peace of Mind:

You can concentrate on recovering from the accident without worrying excessively about how the third party’s damages will be compensated.

Continuous Cover:

Beginning on September 1, 2018, motorcycles will have a continuous 5-year cover. Third-party insurance, however, is offered annually if the bike was purchased before this date.

Comprehensive vs Third-Party Bike Insurance By Universal Sompo: What’s the Difference

Let’s discuss the major differences between Third-Party Bike Insurance and Comprehensive Insurance.

ParametersComprehensive InsuranceUniversal Sompo Third-Party Two-Wheeler Insurance
Legal ObligationIt is not mandatory to buy comprehensive insurance for your two-wheeler.On the other hand, it is mandatory to purchase third-party bike insurance from Universal Sompo.
Add-onWith comprehensive two-wheeler insurance, you can choose from a range of add-ons.No, there are no add-ons available.
Premium CostUnder comprehensive bike insurance, the premium cost is higher due to the extensive coverage.The premium cost is relatively lower due to limited coverage.
CoverageOwn-damage and third-party liabilities – financial and legal.Physical and legal liabilities are confined to the third party only.

What’s Covered Under the Universal Sompo Third-Party Bike Insurance?

We are aware that the third-party two-wheeler insurance by Universal Sompo covers the following aspects:

Financial Liabilities:

The third-party bike insurance from Universal Sompo covers financial losses incurred by third-party property or vehicles as a result of collisions involving your insured bike.

Physical Injury:

On the other hand, the insurer covers the costs of paying out damages to third parties for injuries and bodily harm sustained in an accident involving your two-wheeler. The coverage extends to accidental deaths and disabilities as well.

Major Exclusions Under the Third-Party Two-Wheeler Insurance from Universal Sompo

To ensure a smooth claim process, it’s important to understand both the inclusions and exclusions of the Universal Sompo third-party bike insurance. As a result, the exclusions to take into account are

  • Any harm or loss the insured vehicle sustains as a result of collisions or other events.
  • The policyholder hurt in an accident receives no financial compensation.
  • Normal vehicle wear and tear, as well as mechanical and electrical failure.
  • Damages were sustained while operating the vehicle without a valid licence or insurance.
  • Damages happen while under the influence of alcohol or drugs.
  • Damages happened elsewhere than the specified area.

Know The Renewal Steps

If you are worried about the expiry of your third-party two-wheeler insurance by Universal Sompo, then listed below are the steps to follow.

  • Go to the official website of Universal Sompo General Insurance.
  • On the top, click on the “Renew” button. After that, select “Motor” and then click on “Renew Now” under “Two-Wheeler Insurance”.
  • Then, you will need to enter your “Policy Number”. Ensure you entered it correctly. After that, click on the “Continue” Button.
  • In the next step, all the details related to your Universal Sompo Third-Party bike insurance will be displayed.
  • Then, simply check the amount you need to pay. Use your credit card/debit card to make the payment.
  • Finally, your third-party two-wheeler insurance by Universal Sompo will be successfully renewed. All the renewal details will be sent to your registered email ID and phone number.

Frequently Asked Questions

To avoid financial and legal consequences while driving, you must renew your third-party two-wheeler insurance by Universal Sompo well before the expiration date. You also receive a 30-day grace period for renewal, but during that time the insurance coverage is suspended.

Yes, you can switch your insurance coverage from your current provider to Universal Sompo. 

Yes, you may transfer the two-wheeler insurance to the fresh bike owner.

The no-claim bonus, which can total up to 50%, is given as compensation for maintaining safe driving habits. The Universal Sompo third-party two-wheeler insurance, however, does not offer a no-claim bonus option at renewal.

The maximum amount of compensation for third-party property damage is INR 7.5 lakh due to the limited third-party two-wheeler insurance coverage.

Yes, according to The Motor Vehicles Act of 1988, third-party two-wheeler insurance from Universal Sompo is required. Failure to carry third-party insurance on your bike or scooter will result in penalties as specified by the Act.

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