Universal Sompo Car Insurance

Universal Sompo made its entry into the Insurance sector in India in November 2007. The company is a joint venture between 3 Indian banks - Allahabad bank, Karnataka bank ltd, and Indian overseas bank; a Japan-based leading insurance venture called Sompo Japan Insurance Inc; and one Indian FMCG company - Dabur Investment Corporation. All of these participants have put together their assets, ideas, strengths and technology to construct a new venture to serve the insurance industry in India. It is India's first public-private joint venture in the insurance sector and has achieved a great level with the strength of joined hands.

An expert in the insurance market, Universal Sompo offers products and services for individuals, corporates and SMEs. It covers all the major insurance needs in the areas of general insurance, motor insurance, marine insurance, property insurance as well as workmen compensation insurance. Apart from such diversified products and services, the company also provides its customers with innovative advice on risk management, business continuity planning, and portfolio analysis and management. Universal Sompo has a wide network across the entire country, offering customized services and immense satisfaction to its customers. The motor vehicle insurance offering by Universal Sompo is extremely popular and has a wide array of customer-satisfying products.

Facilities

Car Insurance providers always try their best to connect to the consumer’s needs by providing them with world-class facilities. Universal Sompo is one such dedicated car insurance provider that fulfills all their customer's expectations in terms of amazing facilities, a genuine concern towards the customer's money and emotions, and an honest service that can easily tempt the customers to a long-term association with the insurer. These are Universal Sompo Car insurance company's main facilities:

• 24x7 customer support through phone calls and written communication instantly

• An efficient and dedicated grievance redressal forum

• A customer guidance support system through web and SMS service

• Hassle free policy purchase with minimal documentation

• Cashless claim settlement facility at several authorized service stations

• A vast network of service providers across India

• Attractive discounts available on certain terms and conditions

• Benefits with extra inclusions providing wide coverage.

• Easy and convenient claim settlement at the time of emergency.

Coverage for Private Car Insurance

Third-Party Liability: covers the damages to another person’s vehicle or property or the loss of life or injury caused to another person. The coverage extends to legal expenses or claims demanded by the third party for any damage to life and property.

Own-Damage: The loss of the insured vehicle or any damage to it or its parts incurred due to causes like floods, storms, hurricanes, earthquakes, fire, explosions, strikes, riots, terrorist attacks, theft, burglary, in-transit damage, etc. are covered under the private Car Insurance policy offered by Universal Sompo Insurance.

Compulsory Accident Cover: The owner of the car or the person who is driving the vehicle at the time of accident is be given some compensation.

Optional Covers: To enhance the protection, these optional covers are offered to the customers on payment of extra premium:

• Electrical or Non-electrical accessories

• Personal Accident Cover (for people other than owner-driver):

• Legal Liability cover to paid employees, cleaner, paid driver, conductor or other workmen attending to the vehicle.

• An increased legal liability in case of third party damage up to a sum of of Rs 7.5 lakh.

Exclusions

As per the terms of the Universal Sompo Car Insurance policy, a variety of situations aren't covered, and claims under such circumstances are not entertained. The following instances are not excluded:

• Normal wear and Tear

• Depreciation

• Breakdown or failures due to mechanical or electrical damages

• Usage over set limits

• Usage of the vehicle outside the specified and permitted geographical area

• Mishaps caused by an unauthorized driver, i.e., without a valid license

• Driving under the influence of any intoxicating substance, like alcohol or drugs

• War or nuclear activities

• Damages sustained if the vehicle is involved in racing competition, speed testing, reliability trial, motor trade business.

Discounts

Universal Sompo Car Insurance comes with various kinds of discounts and bonuses like the following:

No-Claim Bonus (NCB): This bonus is applicable when policyholders renew their policy without filing for any claim in the policy terms. The bonus becomes a discount on the premium charged towards own-damage protection. The percentage of bonus is determined by the number of claim-free years achieved by the policyholder.

Membership discounts: Customers who are the members of recognized automobile association of India or are willing to take up the said membership can avail premium discounts.

Discounts for safety: Customers who install an anti-theft device approved by ARAI are entitled to an additional discount.

Voluntary deductible discount: Special discount on premium if the customer chooses a higher voluntary excess amount.

Special discount: Vehicles that are specially modified and designed for handicapped, blind or mentally retarded persons are eligible for an additional discount.

Sum Assured

Upon the successfully processing of a claim, the policyholder is paid a certain amount of compensation. This amount largely depends upon the vehicle’s IDV or "Insured’s Declared Value" - a value arrived at after deducting depreciation from the vehicle’s selling price as declared by the manufacturer (selling price is inclusive of taxes but excludes registration and insurance charges).

Cost or Premiums

The amount that the proposer pays as premiums determines the cost of the policy. The premiums payable for third-party liabilities are based on mandated tariffs. However, own-damage premiums are set by the insurers. The Universal Sompo Car insurance premiums are determined after taking into account the following factors:

• Capacity:  The cubic capacity (cc) of the car’s engine.

• Age: The age of the car.

• Location: The location where the car was bought or registered.

• Type: The type, model and make of the car.

• Sum assured: The insured’s declared value as already explained above.

Customer Care

• Customers can reach the Universal Sompo Insurance customer care department by calling the toll-free number: 1800 22 4030, 1800 200 4030, 022 - 27 63 9800, 022 - 39 13 3700

• They can also send an email to: [email protected]

• They can also visit the website and fill up an online form to request for a callback.

• The website offers several locators to find the locations of the company's branch offices as well as the authorized garages for cashless servicing

FAQs

Which segments of vehicles do this policy cover?

The Universal Sompo Car Insurance Policy covers private and commercial vehicles.

What are the various losses or damages that the policy covers?

The Universal Sompo Car Insurance policy protects the insured vehicle against damage or loss caused by accidents (such as fire, explosion, lightning, self-ignition), malicious acts (such as theft, riot, burglary, terrorism) and natural disasters (such as earthquakes, typhoons, floods, landslide, rockslide and in-transit damages).

Is there a third party liability cover in the Universal Sompo Car Insurance Policy?

Yes. As mandated by the Indian Government, all vehicle insurance providers have to compulsorily provide cover against legal liabilities to a third party in the event of any injury or damage to the life or property of the third party where the insured vehicle is involved.

What happens if an accident occurs in a city other than where the policy was issued?

It does not matter. The policy remains active within its geographical boundary. So, even if an accident occurs at a place away from where the policy was issued, the policyholder will be guided through the entire claim process by the company's representatives located nearby.

Will Universal Sompo Motor Insurance cover the vehicle against accidental damages if being driven by someone other than the owner during the accident?

The vehicle is covered against accidental damages, provide that these three conditions are met:

• The vehicle has a comprehensive insurance policy.

• The person driving it at the time of the accident should have a valid driving license.

• The terms and conditions of the policy must be adhered to.

What are the various things that the Universal Sompo Car Insurance policy does not provide cover against?

As per the terms of the Universal Sompo Car Insurance policy, a variety of situations aren't covered, and claims under such circumstances are not entertained. The following instances are not excluded:

• Normal wear and Tear

• Depreciation

• Breakdown or failures due to mechanical or electrical damages

• Usage over set limits

• Usage of the vehicle outside the specified and permitted geographical area

• Mishaps caused by an unauthorized driver, i.e., without a valid license

• Driving under the influence of any intoxicating substance, like alcohol or drugs

• War or nuclear activities

• Damages sustained if the vehicle is involved in racing competition, speed testing, reliability trial, motor trade business.

Does Universal Sompo Car Insurance policy have any optional extension?

Yes. The Optional Extensions available with Universal Sompo Car Insurance Policy provides cover against the following:

• Loss of accessories

• Personal accident cover for the occupants of the vehicle

• Legal liability to the paid driver, passengers, cleaner or workman attending to the vehicle

• Increased legal liability for damage of property of the third party for up to an amount of Rs 7.5 lakhs