Universal Sompo Car Insurance – Features, Benefits, Add-Ons & Coverages

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:

1. There are different types of coverage options offered by the company. You can choose any policy as per your needs.
2. The coverage available under Universal Sompo car insurance plans is inclusive while the premiums are affordable.
3. There are add-on covers as well as optional extensions that allow you to enhance the scope of coverage of your policy.
4. You can claim attractive premium discounts to reduce the premiums and save money on car insurance plans.

Features of Universal Sompo car insurance

Here are some salient features offered by Universal Sompo car insurance plans –

1. Mandatory coverage
   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.
2. Incurred Claims Ratio (ICR)
   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).
3. Personal accident cover
   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.
4. Network garages
   The company is tied up with more than 3500 garages across India so that you can avail of cashless repairs easily.
5. No claim bonus
   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 –

1. Universal Sompo’s car insurance policy offers a comprehensive scope of coverage. There are inbuilt coverage benefits, add-ons as well as optional extensions so that you can customize your policy as per your preference and enjoy the widest scope of coverage.
2. The company has settled more than 90% of its claims successfully. This enhances Universal Sompo car insurance’s Claim Settlement Ratio and bolsters trust in the company.
3. There are more than 86 branches of the company all over India making it easy for you to get in touch with the company.
4. Attractive discounts are allowed by the Universal Sompo car insurance plan thereby making the premiums affordable in your pockets.

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
  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:
  
  • One year liability only policy– One-year liability only policy covers third party liabilities for a period of one year.
  • Long term liability only policy- Long term liability only policy covers third-party libraries for a period of 3 years. This policy is available only for new cars.
• Comprehensive car insurance policy
  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
• Bundled plan
  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 – 

• Third-party liability only policy covers only the financial liabilities arising against third parties due to an accident in which your car is involved. Such liabilities are as follows:
  • Damages caused to the third-party vehicle or property
  • Physical injury to a third party
  • Death of a third party
• Comprehensive car insurance policy
  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:
  • Liabilities against third parties in the case of physical injury or death of a third party or any damage to third-party property.
  • Loss or damage to the car or its accessories due to natural disasters like earthquake, landslide, floods, cyclones, lightning, etc.
  • Financial losses when the car is damaged due to man-made causes such as explosion, fire, strike, malicious attacks, etc. 
  • Loss suffered if your car is lost or stolen
  • Losses suffered when the car is damaged at the time of moving it from one place to another through rail, road or air. 

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: 

1. Any damage or loss or liability arising due to an accident outside the geographical area or boundaries of India
2. A claim arising due to any contractual liability between the policyholder and any other third party
3. Normal wear and tear or general ageing of your car
4. Depreciation of your car
5. Liabilities arising due to an accident suffered when you were driving the vehicle without a valid driving licence
6. Damages or losses suffered at the time of driving the vehicle under the influence of alcohol or drugs
7. Accidents suffered when your car insurance policy has lapsed or is due for renewal
8. Accidental losses or liabilities arising when the car is being used otherwise than in accordance with the limitations as to use 
9. Liabilities directly or indirectly caused by or arising from nuclear risks
10. Accident suffered if your car is used for criminal or illegal activities
11. Electrical or mechanical breakdown of your car
12. Damages suffered due to certain man-made causes such as strike, war, mutiny, rebellion, invasion, etc.
13. Consequential losses
14. Regular servicing costs

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 – 

1. Nil depreciation cover
   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.
2. Daily cash allowance
   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. 
3. Return to invoice
   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. 
4. Engine protector
   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. 
5. No claim bonus protector
   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.
6. Hydrostatic lock cover
   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. 
7. Secure towing
   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. 
8. Child education support clause
   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. 
9. Roadside assistance
   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. 
10. Key replacement
    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. 
11. Cost of consumables
    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. 
12. Loss of driving licence registration certificate
    This add-on provides compensation up to INR 500 to the policyholder for obtaining a duplicate licence or a duplicate registration certificate. 
13. Insurance at a manufacturing selling price
    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. 
14. Hospital daily cash cover
    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. 
15. Accidental Hospital clause for family
    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. 
16. Accidental expenses coverage emergency hotel or transportation expenses
    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. 
17. Additional accidental injury compensation for owner-driver
    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. 
18. Loss of personal belongings
    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. 
19. Additional accidental injury compensation for family
    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. 
20. Waiver PA benefit clause for owner-driver
    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. 
21. Electrical mechanical breakdown
    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 –

• Immediately inform the insurance company in the case of any claim. You can intimate the claim by informing the insurance company online or by calling on their toll-free number.
• The insurance company will then advise you to take your car to the nearest preferred garage.
• A surveyor would be sent by the insurance company at the garage who will check the damages caused to your car.
• Once the survey is done, the insurer would approve cashless claims after which the grace would start the repairs.
• After completion of the repair, the insurance company will settle the claim directly with the network garage and allow you to take the delivery of your car.
• A police FIR is required to be filed in case of third party claims. The third-party claim is handled by the Motor Accident Tribunals to calculate the liability involved in the claim. The insurance company will pay the third party claim based on the judgement of the tribunal.
• A police FIR is also required if your card is stolen and you want to make a theft claim. If the police are unable to find your car, they would issue a certificate stating that your car is untraceable. Submit the certificate to the insurance company based on which it will pay a theft claim.
• If you get your car repaired at a non-networked garage, you would have to pay for the repair costs. After the car is repaired, collect all the bills and file your claim. Submit the original bills to the insurance company and the company would reimburse you for the costs incurred.

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 support@turtlemint.com 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: 

• Age of the car
  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
  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. 
• Fuel variant Diesel cars are expensive than petrol ones and so, their premiums are higher.
• Type of policy
  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. 
• Registration city
  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. 
• Discounts available
  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. 
• Insured Declared Value
  The higher the IDV of the car the higher will be a premium and vice versa
• Add-ons
  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 –

• You can opt for four different optional extensions under the policy. These extensions include coverage for loss of accessories, personal accident to the occupants of the car, legal liability to paid workers, driver or cleaner, increased legal liability for third party property damage.
• You can get up to a 50% no claim bonus if you don’t make claims for five successive years.
• Various discounts are allowed under the policy. These are as follows –
  • Discount for choosing a voluntary excess
  • Discount for modified vehicles for disabled, blind or physically challenged
  • Discount for installing anti-theft devices

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 –

• Premium concession is allowed for the disabled, physically challenged and blind policyholders 
• The depreciation rate for the various parts of the car is clearly defined
• The no-claim bonus starts at 20% for the first claim-free policy year 
• To connect with the company, you can call the toll-free number – 1800 22 4030 or 1800 200 4030. Alternatively, you can also send an email to contactus@universalsompo.com and the company would get in touch with you.

So, understand the various aspects of Universal Sompo’s car insurance plans and then choose the right coverage for your car.