About Universal Sompo Motor Insurance

Awards and Achievements of Universal Sompo General Insurance

• Universal Sompo bagged the 'Best BFSI Brands' award twice in 2021-22 and 2023-24 conferred by Economic Times 
• Universal Sompo General Insurance Company is the proud winner of the 'Great Place to Work' title in 2023-24
• The insurer also won the 'Best Technology for Good Project' award in 2020-21 
• They bagged the 'FM Stars of the Industry-Excellence in General Insurance' in 2016-17 

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   

 Exclusions of Universal Sompo Motor Insurance 

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: 

• Claims of losses or damages caused by an accident that has taken place outside India's geographical boundary are not covered 
• Claims that are raised because of contractual accountability between the third party and the insured person are also not entertained
• Claims of regular wear and tear of the vehicle or due to the age of the vehicle are also not covered 
• The insurer doesn't cover your car/bike depreciation 
• If you suffer any liability caused by an accident while driving your vehicle under the influence of drugs or alcohol, such liabilities are not covered
• Losses caused due to an accident while you were driving your vehicle without a valid driving license are also not entertained
• Further, if the damages suffered by your bike or car were caused after your vehicle insurance policy has lapsed or has not been renewed, they will also not be covered
• Liabilities or damages arising from nuclear risks (directly or indirectly) are not covered
• Damages suffered by your vehicle will not be covered if the vehicle is used for any illegal activity
• Mechanical as well as electrical breakdown of vehicles also don't come under the purview of Universal Sompo motor insurance coverage 
• Consequential losses are not covered as well as regular servicing costs are also not reimbursed

Types of Universal Sompo Motor Insurance Plans

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

How to Buy Universal Sompo Motor Insurance 

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:

Online Process

The online process of buying a Universal Sompo vehicle insurance policy online through Paybima is very simple. 

• Visit the paybima portal at  www.paybima.com and select ‘Motor insurance’ 
• Fill in your personal and vehicle details as required to calculate the premium for your plan. You would need to submit details like vehicle RC number, policy type, name and location of policy seeker, model, variant and make of vehicle, along with contact details for personalized support. PayBima is known for its best customer support with a personalized consultation to help customers select the most suitable plan as per their need
• Once you enter the details, you can see a list of available plans and their features on your screen. Check the points of comparison and buy the best Universal Sompo car/bike insurance plans available in the market
• When you finalize the policy you want to buy, you are required to fill in a proposal form offering details of your vehicle. Offer accurate and complete information in the form and submit
• Finally, you are required to make the payment of the premium online, and you will be issued the vehicle insurance plan instantly 

How to Renew Universal Sompo Vehicle Insurance 

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:

• Visit the Paybima website at  www.paybima.com and go to the vehicle insurance renewal section
• Enter the number of your vehicle insurance policy along with other details as required
• You can see your existing plan coverage details on the screen that appears. Review it
• At this point, you can make any coverage changes you like, such as modifications in the type of policy, add/remove riders etc.
• Once done, you can see the premium renewal amount. Check if all the features you have opted for are there, and use your NCB discount (if any) 
• Make an online payment of the renewal amount, and your policy will be renewed
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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 paybima.care@mahindra.com.

Claim Process of Universal Sompo Vehicle Insurance

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:

Cashless Claims

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

• The customer of Universal Sompo must provide the below documents, such as;
• Proposal form, duly filled
• RC book photocopy
• Copy of your valid DL or driving license
• Policyholder's KYC documents

Universal Sompo General Insurance review

Universal Sompo has received positive reviews and feedback for its vehicle insurance policies.

• With a claim settlement ratio of 96% as of 2021-22 for motor insurance, Universal Sompo promises its customers a quick claim process along with 24/7 customer assistance
• The insurer offers a wide number of add-on features at reasonable premium price to enhance the scope of its vehicle insurance policies
• The company has further launched an integrated grievance management portal for addressing customer complaints in a quick and prompt manner  

All these features make Universal Insurance Company a popular insurer in India.