Universal Sompo is a leading general insurance provider offering a range of insurance solutions for varied needs. It is a joint venture between some of the leading names in the industry – Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur India Limited and Sompo Japan. Universal Sompo offers affordable products with comprehensive coverage benefits. Its private car insurance policy is one such product that is designed to provide insurance coverage for your privately-owned four-wheeler.
Benefits of Universal Sompo Car Insurance
Here are some of the benefits that you can avail yourself from Universal Sompo’s car insurance policy:
Features of Universal Sompo car insurance
Here are some salient features offered by Universal Sompo car insurance plans –
The mandatory third party liability cover, as required under the Motor Vehicles Act, 1988, is provided by Universal Sompo car insurance plans. You can, thus, protect yourself against third party liabilities by availing the mandatory coverage.
The ICR measures the ratio of the claims paid against the premium earned by the company. For the financial year 2019-20, Universal Sompo’s Incurred Claims ratio stood at 73.14% (IRDAI Annual Report 2019-20).
Universal Sompo offers the mandatory personal accident cover with its car insurance policy. You can opt for this cover if you don’t have personal accident insurance and get protected against accidental deaths and disablements.
The company is tied up with more than 3500 garages across India so that you can avail of cashless repairs easily.
You earn a no claim bonus for every claim-free year in your car insurance policy. This bonus goes up to 50% and allows you a discount on the renewal premium.
Why choose Universal Sompo Car Insurance?
When it comes to car insurance, Universal Sompo can be a preferred choice for the policy. Here are some reasons why –
Types of Universal Sompo Car Insurance Plans
Universal Sompo offers three types of car insurance policies. The features and benefits of your car insurance depend on the type of car insurance policy that you buy. Let’s discuss the three types of car insurance policies offered by Universal Sompo:
Third-party liability only policy fulfils the mandatory requirement under the Motor Vehicles Act, 1988 for a third party cover. The plan covers legal liabilities incurred in the case of third party damages due to an accident.
Universal Sompo car insurance offers two types of third-party policies:
A comprehensive car insurance policy is also known as a package policy because of the wide scope of coverage that it offers. The comprehensive car insurance policy covers third-party liability and own damages
The bundled plan provides third party liability cover for 3 years and its own damages cover for one year.
Coverage of Universal Sompo Car Insurance
The coverage under the car insurance plan depends on the type of policy with which you buy. So, here’s a look into the coverage benefits available under Universal Sompo’s car insurance plans –
The comprehensive car insurance policies provide a wider scope of coverage in comparison to third-party liability-only policy. They cover both third party liabilities and the damages suffered by your car. Here’s the scope of cover of comprehensive car insurance plans:
Besides these coverage benefits, personal accident cover is also available that you can buy with a third party or comprehensive plans. Personal accident cover provides coverage against accidental death and total or partial permanent disablement up to the sum insured of INR 15 Lakhs for the owner/driver.
Exclusions under Universal Sompo car insurance
In spite of such wide coverage benefits, there are certain events which are not covered under car insurance plans and are called policy exclusions. Exclusions of Universal Sompo car insurance are as follows:
Add-ons under Universal Sompo Car Insurance
Universal Sompo car insurance offers unique additional covers on payment of additional premium to enhance the coverage of your standard car insurance policy. You can choose one or more listed add-ons depending on your specific coverage needs to customize your policy. The add-ons offered by the company include the following –
Car insurance policies do not cover depreciation. At the time of the claim, the insurance company deducts the depreciation on different parts of the car thereby lowering your claim amount and leading to out of pocket expenses. In such an instance, the nil depreciation cover is beneficial. The add-on removes the deduction of depreciation and enhances the claim pay-out.
Daily cash allowance provides a daily allowance if your car is at an authorised workstation for the repair of damages if the claim is covered in the policy. If your car is at the service station for more than 3 days, you would get a daily benefit for up to 5 days.
The Insured Declared Value of the car insurance policy is paid if your car is stolen or is damaged beyond repairs. IDV is the market value of your car after accounting for depreciation. However, with the return to invoice add-on, you can claim the invoice value of your car provided that your car is not older than 5 years.
Engine protector add-on covers the expenses of replacement or repair of the engine parts due to consequential damages such as water ingression due to flood or leakage of lubricating oil.
No claim bonus protector protects the no claim bonus discount which you have earned for not making claims in previous policy years. In the case of a claim, the bonus becomes zero but if you opt for this add-on, your bonus is retained even after you have made a claim.
Under hydrostatic lock cover, the insurance company will pay for the damages arising out of replacement or repair of the engine part of the car due to hydrostatic lock or water ingression in the engine.
Secure towing rider covers an increased cost of towing and removing the damaged vehicle to the nearest workshop as well as re-delivery of the car after repairs.
In the case of accidental death or permanent total disability suffered by the owner, the insurance company will pay education fees of the named child/children, subject to terms and conditions of the add-on.
Roadside assistance add-on is useful if your car faces a breakdown and is not in a condition to be taken to the nearest garage. Universal Sompo car insurance provides 24/7 roadside assistance for flat tyre service, emergency towing assistance due to breakdown or accident, electrical breakdown, fuel delivery, etc. It also provides accommodation and cab service as an alternate mode of transport if you are stuck in the middle of the road.
With this add-on, you can cover the cost to replace the lock and key of your vehicle if it is broken or stolen and the labour cost for opening the vehicle if you have lost the keys of the car.
A car insurance policy does not cover the cost incurred on consumables in case of repair of the car. The cost of consumables add-on covers the expenses incurred towards consumables.
This add-on provides compensation up to INR 500 to the policyholder for obtaining a duplicate licence or a duplicate registration certificate.
Under this add-on, the sum insured is expressed as the difference between the IDV and the manufacturer’s selling price. This add-on, therefore, gives you a higher amount of coverage.
Under this add-on, a daily benefit of Rs 2,000 per day for a maximum of 30 days of hospitalization is covered if you are hospitalized following a car accident.
Under this add-on, you can get the reimbursement of the hospitalization expenses of any family member who is an accidental injury when travelling in the car.
This add-on covers the cost of accommodations for overnight stay or cab expenses to travel to your place of residence in the event of an accident in which it is impossible to drive your vehicle or if your car is stolen.
This add-on is an additional benefit in case of accidental injury leading to death or permanent total disablement. The benefit paid under this add-on will be in addition to the benefit paid under the mandatory personal accident cover available under car insurance plans.
Personal belongings such as clothes, baggage, phone, bag, etc. belonging to you or your dependent family members are covered under this add-on. If the personal belongings are stolen from your car, the insurance company will pay INR 500 for each claim.
This add-on provides additional coverage for a named family member in case of accidental death or accidental permanent total/ partial disability in any accident involving the car.
This add-on provides coverage against assault or bodily injuries leading to permanent total disability or death in an accident whether you are travelling in the insured vehicle or not.
Electrical/ mechanical breakdown is one of the common exclusions in car insurance policies. If you buy this add-on then the insurance company will pay you for the cost of repairs if your car suffers a breakdown due to electrical or mechanical defaults.
How to apply for Universal Sompo Car Insurance Policy?
The process of applying for a Universal Sompo car insurance policy is very simple and easy. You can either buy a car insurance policy offline by visiting the nearest branch of the insurance company or through a broker or an insurance agent. Alternatively, you can also buy a car insurance policy online by visiting the official website of the insurance company or through an insurance aggregator.
You can buy the best car insurance policy from Turtlemint which helps you to choose from different car insurance policies available in the market by comparing the plans offered by different insurance companies in terms of their coverage and premiums. Turtlemint is an online platform having tie-ups with leading car insurance providers in India. With the help of Turtlemint, you can select the best car insurance policy as per your requirements, pay the premium and buy the policy instantly.
How to make a claim in Universal Sompo Car Insurance?
Universal Sompo is one of the most trusted insurance providers in India when it comes to the settlement of claims. Universal Sompo offers both cashless and reimbursement claims under its car insurance policies. You can either get your car repaired at any of the network garages and avail of cashless settlement of the claim. Alternatively, you can also repair your car at any non-networked garage and make a claim on a reimbursement basis.
The claim process is as follows –
Alternatively, you can intimate Turtlemint of your car insurance claim. Turtlemint has an expert claim assistance team that helps you get your claims settled quickly and effortlessly. All you have to do is visit https://www.turtlemint.com/raise-claim/ and click on ‘Raise Claim’. Then, choose ‘Car’ as the product, the name of the insurer, policy number, claim details and your contact information. Submit the details and Turtlemint would handle your car insurance claim. You can also call 1800 266 0101 or send an email to firstname.lastname@example.org for any assistance that you need at the time of claims.
Universal Sompo Car Insurance Claim Settlement Ratio
The Claim Settlement Ratio (CSR) of an insurance company means the number of claims settled by the company against the total claims raised on it. So, if a company’s CSR is 95%, it means that the company settled 95% of the claims that were made on it.
Universal Sompo has settled more than 90% of its claims in a hassle-free manner. The company, thus, enjoys a high CSR and is a trusted provider of car insurance plans.
Universal Sompo Car Insurance Renewal
You can renew your car insurance policy online by visiting the website of the insurance company. All you have to do is provide your existing policy number to view your coverage details. If you want, you can make changes with respect to your coverage. Once you have verified the coverage details, the renewal premium would be calculated. Pay the renewal premium and your policy will be renewed instantly.
Alternatively, you can also do Universal Sompo car insurance renewal online through Turtlemint. With Turtlemint’s platform, you can compare other car insurance plans at the time of renewals and choose the best policy. Just enter your car details and you can check the various car insurance plans available in the market. Compare and select a plan, provide the details of your last policy, pay the premium and the coverage would start immediately.
If you have bought your Universal Sompo car insurance policy from Turtlemint, all you have to do is log into your account, pick the plan, pay the renewal premium and the policy would be renewed instantly.
How car insurance premiums are calculated?
Premiums of car insurance plans depend on various factors. These factors determine the premium that you have to pay. The factors are as follows:
Lower rates of premium are charged for older cars because they have depreciated with age. For new cars, on the other hand, the premium is generally higher.
Make and model of the car determines the value of your car. Expensive cars yield higher premiums as the claim liability for the insurer is higher.
Diesel cars are expensive than petrol ones and so, their premiums are higher.
Premium is subjected to the coverage benefits offered by the policy. The premiums of the comprehensive car insurance policy are higher than premiums of third party liability only plans because of their wider coverage benefits.
Location of registration of your car also affects the premium cost. Premiums for cars registered in metro cities are higher than premiums for cars registered in non-metro cities.
Car insurance providers offer various discounts depending on the chances of making a claim and the risks involved. For example, if you have installed a security system such as GPS, airbags, gear lock, etc. in your car, it will reduce the risks of theft thereby reducing your premium.
The higher the IDV of the car the higher will be a premium and vice versa
Add-ons are additional benefits which come at an added premium cost. Your premium will increase if you buy one or more add-ons for enhanced protection.
Universal Sompo car insurance offers
Universal Sompo car insurance plans have various types of offers. These include the following –
Other facts to know about Universal Sompo car insurance plans
Here are some interesting facts that you should know about Universal Sompo car insurance plans –
So, understand the various aspects of Universal Sompo’s car insurance plans and then choose the right coverage for your car.
The depreciation rates are determined differently for different parts of the car. The applicable rates are as follows –
Under the personal accident cover, 100% of the personal accident sum insured, i.e. INR 15 lakhs, is paid on accidental death and total permanent disablement. In the case of partial disablement, however, 50% of the sum insured is paid.
The no-claim bonus rates are as follows –
Number of claim-free years
No claim bonus rate
1 claim-free year
2 successive claim-free years
3 successive claim-free years
4 successive claim-free years
5 successive claim-free years
Yes, you can buy only third party cover which is the legal requirement for driving your car on the road. However, if your car suffers any damage or is stolen, you would incur financial costs. Thus, it is better to opt for a comprehensive policy for an all-around coverage benefit.