Universal Sompo is a leading name in the category of general insurance companies in India. The corporation was formed as a joint venture of Karnataka Bank, Indian Overseas Bank, Indian Bank, Dabur Investment Corporation and Sompo Japan Insurance Inc., a leading general insurance company of Japan. The insurer offers wide-ranging products in the health, motor and commercial insurance categories to cover customers in retail, SME, rural and corporate segments.
Claim settlement ratio 95.77 % (2021-22)
NCB* starts at 20%, up to 50%
Network garage# 3500+
24*7 Road Side Assistance Yes
Paybima's Right Advisor = Expert Solutions
|Universal Sompo Motor Insurance Plan||Plan Type|
|Comprehensive Policy||Plan Type : Comprehensive|
Features of Universal Sompo Motor Insurance
Below are some salient features of Universal Sompo Vehicle Insurance:
Personal accident (PA) coverage - Universal Sompo motor insurance offers compulsory PA cover to their vehicle insurance customers. Policyholders can avail this cover against death and disabilities due to accidents
Wide option of network garages - The insurer has joined hands with over 3500+ garages across the country to serve their customers with unlimited options of cashless repairs
Incurred claim ratio (ICR) - The ICR or incurred claim ratio is a parameter to measure the ratio of claims being paid by the insurer compared to the premiums received by it. The ICR of Universal Sompo was at 73.14 % for FY 2019-20, as per IRDAI data
No claim bonus (NBC) - Universal Sompo customers can earn a NCB of 20% for each claim-free year under their car insurance policy. The bonus goes up to 50% in consecutive years to allow the insured to enjoy a discount at the time of premium renewal
Mandatory third-party coverage - Universal Sompo offers its customers obligatory coverage of third-party liability, which is required per the 1988 Motor Vehicle Act. Policyholders can hence protect them against any third-party liability by opting for this cover
Like other motor insurance companies, Universal Sompo motor insurance also does not cover some incidents under their plans. These are termed as exclusions of policy as mentioned below:
There are three types of Universal Sompo vehicle (car and bike) insurance policies that policy seekers can opt for, as stated below:
1. Third-party liability insurance - This policy of Universal Sompo fulfils the obligatory requirement of a third party cover as per the Motor Vehicles Act, 1988. Under this plan, any legal liability caused to a third party in an accident is covered by the insurer.
There are two types of policies for third-party liability offered by Universal Sompo under its motor insurance plans, they are:
One-year third-party liability policy – These policies are available for a tenure of one year only and need renewal after one year term to enjoy continued coverage
Long-term third-party liability policy - These policies are available for 3 years and can be availed when purchasing your new car/bike. They are long term plans that need to be renewed after the completion of three year term
2. Comprehensive motor insurance - Comprehensive vehicle insurance is an all-inclusive package that allows wide coverage scope as it covers own damages of the insured vehicle along with covering third-party liabilities
3. Bundled motor insurance plan - Under this policy, the policyholder can avail a third party liability coverage for a tenure of three years, while the own damage insurance option is available for a period of one year
Universal Sompo offers a very simple and hassle-free process of availing vehicle insurance, which can be done offline or online. You can buy a Universal Sompo car or bike insurance policy through PayBima, as we offer a quick and stress-free policy buying process by comparing the available plans. Here are the steps to follow to buy a car/bike insurance policy through PayBima:
The online process of buying a Universal Sompo vehicle insurance policy online through Paybima is very simple.
Most car/bike insurance policies are available with a fixed tenure of one year in most cases. However, some plans allow up to three years of coverage when you buy an insurance policy for your new car.
Once the vehicle insurance policy tenure is over, it requires renewal. Non-renewal of the policy can lead to losing all the coverage benefits you enjoy under your policy, including the accumulated NCB or no claim bonus.
Renewing your Universal Sompo vehicle insurance plan is very simple and can be done online through PayBima. Here are the steps to follow:
If you find any issue in any step mentioned above, you can contact customer care at PayBima for assistance by calling 1800-267-6767 or via email at email@example.com.
Being a trusted insurance company, Universal Sompo offers a hassle-free and transparent claim settlement policy. There are two ways of raising car insurance claims under Universal Sompo motor insurance - cashless claim and reimbursement claim. The policyholder can file either of the claims through the official portal of the insurer or through PayBima for a seamless process of claim settlement. Below are the steps to follow:
Inform the Insurance Company - It is important to inform the insurer when a claim arises. This can be done by either calling the insurance company or by intimating them online and offering them the registration number of your car or bike together with the Universal insurance policy number.
Choose the network garage to visit - Universal Sompo has tied-up with over 3500+ network garages across India, where you can take your vehicle for cashless claims. The insurer will suggest you to take your vehicle to the nearest network garage. You can get the damages fixed in your car or bike by availing of the repair facility at a network garage without paying anything from your pocket.
Check the extent of damage - Once you send your car/bike to the network garage, the insurer will send a surveyor to assess the extent of the damage caused to your car. The surveyor will submit a report to the insurance company. Once the company approves the claim, the network garage will start repairing your vehicle.
Fill claim form: You are required to fill out the form duly offering your personal details and required details of the vehicle and submit it. The claim form can be downloaded online.
FIR - In case of a third party claim, which is managed by the Motor Accident Tribunals, you might require a copy of FIR (first information report). The insurer will pay for the third-party damages as per the tribunal judgment. Even in case of stolen vehicle cases, a police FIR is required.
Claim Settled - Once your vehicle repair is done at the network garage, the insurer pays the bill and all related expenses directly to the garage.
Reimbursement of Claims
If you get your vehicle repaired at a non-network garage, you cannot raise a cashless claim for the repair. In that case, you will have to go through a reimbursement claim. Here, the policyholder has to pay the cost of repair to the garage on their own. Later, the insured can get the amount reimbursed by raising a claim. You will have to submit all the repair bills to the insurer along with the claim form.
Documents required to claim Universal Sompo vehicle insurance plans
Universal Sompo has received positive reviews and feedback for its vehicle insurance policies.
All these features make Universal Insurance Company a popular insurer in India.
Network garage# - Universal Sompo offers hassle free claim settlement in 3500+ garages pan India.
NCB* - The insured is entitled for a No Claim Bonus (NCB) of up to 50% on Own Damage, if no claim is made or is pending during the preceding year(s)