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Liberty Vs Universal Sompo Car Insurance Comparison 2024

Liberty vs Universal Sompo Car Insurance is the two leading insurance companies in India. One of the most important decisions you will ever make is to choose the right insurance plan for your car. They have almost similar products, but their pricing and coverage are different.

Liberty is a cost-effective plan that provides basic coverage. Universal Sompo is a premium-based plan with features like accident cover, roadside assistance, and travel benefits. The question then becomes - which one should you choose? In this article Liberty vs. Universal Sompo Car Insurance comparison, we will help you to make an informed decision.

Universal Sompo has been around for a long time and is considered one of the best car insurance companies in India. On the other hand, Liberty is an insurance company that works with multiple brands. They are considered one of the most reliable insurers in the country. Whether it is Liberty or Universal Sompo car insurance the best car insurance company always provides:-

  • Tailored Coverage for Your Needs
  • Cost Considerations
  • Add-On Benefits
  • Customer Satisfaction
  • Claim Settlement Process
  • Legal and Regulatory Compliance
  • Peace of Mind

In the realm of car insurance, the devil is often in the details. Through a thorough comparison of providers like Liberty and Universal Sompo, you can make an informed decision that not only protects your vehicle but also your financial well-being and peace of mind.

Differences Liberty Car Insurance Universal Sompo Car Insurance
Cashless Network Garages 4300+ 4600+
Claim Settlement Ratio 70.53% 87.96%
Solvency Ratio 2.92 1.90
Claims settled 1.3 lakhs 1.11 lakhs
Branches 110+ 86+

*The premiums are displayed according to your details, compare the quotes and buy the policy according to your needs and budget.*

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Difference between more coverages of Liberty Vs Universal Sompo Car Insurance:

Key Features Liberty Car Insurance Universal Sompo Car Insurance
Premium Starting at just Rs. 2094 Up to 60% savings
No Claim Bonus (NCB) Up to 50% discount Up to 50% discount
Claim Assistance Quick and Easy Claim Settlement Process 24x7 claim assistance, and 24x7 Roadside assistance
Easy Claims Through the Liberty Insurance Mobile App Instant Motor Claims through IL Take care app
Theft of the Car Yes Yes
Damages due to natural disasters Yes No
Damages due to man-made calamities Yes No
Damages due to fire Yes No
Damages caused to the car by accident Yes Yes
Third-Party liability cover Yes Yes
Personal Accident Cover Yes Yes
Third Party Car Insurance Covers up to 7.5 lakhs Covers up to 7.5 lakhs
Personal Accident Cover Covers up to 15 lakhs Covers up to 15 lakhs

Liberty Car Insurance

Liberty Car Insurance is a car insurance company that offers a variety of different plans to their customers. Liberty Car Insurance is an affordable car insurance company that offers a variety of policies to protect your vehicle and yourself at an affordable price. Liberty Car Insurance was founded in the year 2000 and has been in business ever since. They offer all types of coverage from liability to collision, uninsured motorist, and comprehensive. Liberty is also known for its affordable rates as well as its customer service.

Distinguish Liberty Car Insurance
Benefits
  • Comprehensive cover for all eventualities
  • Third party fire and theft cover
  • Third party property damage cover
  • Personal injury protection for you and your passengers
  • Theft protection against theft from your vehicle or home
  • Breakdown service with free towing up to 30 miles
  • 24/7 emergency assistance services.
  • Highest claim ratio history with 95%
  • Efficient customer service team for all your queries regarding claims.
  • Flexible option to transfer the NCB to other carriers
  • Round the clock service by 24*7 claim assistance team.
Features
  • Over 2500+ partner garages for cashless claim settlement
  • Highest claim ratio history with 95%
  • Efficient customer service team for all your queries regarding claims.
  • Flexible option to transfer the NCB to other carriers
  • Round the clock service by 24*7 claim assistance team
  • Easy and quick claim process
  • Online policy issuance without any documentation
  • Best claim assistance.
Highlights
  • Hassle-free claims
  • Seamless claim assistance at any time
  • Easy policy renewal
  • Additional protection availability
  • Efficient Telephonic services.

Liberty General Insurance Claim Settlement Process:

  • Notification of Claim: When an accident or damage occurs, the policyholder should promptly notify Liberty General Insurance. This can often be done through the company's helpline or online portal. Provide all necessary details about the incident.
  • Claim Registration: Liberty's customer service team will guide you through the process of registering your claim. You will need to provide your policy details, the nature of the claim, and any relevant documentation.
  • Documentation: Liberty will require certain documents to process your claim, such as the claim form, a copy of the policy, the First Information Report (FIR) if applicable, and repair estimates from authorized garages. Ensure you provide complete and accurate information.
  • Survey and Inspection: An authorized surveyor may be appointed to assess the extent of damage and the circumstances surrounding the claim. They will prepare a report based on their findings.
  • Claim Settlement: Once the necessary documents and survey reports are submitted, Liberty General Insurance will evaluate the claim. If the claim is approved, the company will proceed with the settlement. The settlement may involve repairs at an authorized garage or a payout depending on the nature of the claim.
  • Payment or Repairs: Liberty will either make a payment directly to the policyholder or the authorized repair garage, depending on the claim type and policy terms.
  • Claim Closure: After the settlement is made, the claim is considered closed. Liberty aims for a quick and efficient settlement process to minimize inconvenience for policyholders.

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*Know about Liberty Car Insurance benefits and coverages in this Article*

Universal Sompo Car Insurance

Universal Sompo is the first public-private General Insurance Corporation. The cost of Universal Sompo car insurance varies depending on the type of policy that you choose to buy. A car insurance policy offers aid to the car owner if he/she meets with an accident that causes damage to the car. Universal Sompo car insurance plans not only cover damages but also have a compulsory personal accident cover. Universal Sompo Car Insurance is a comprehensive car insurance package offered by Universal Sompo General Insurance Company Limited. The insurer offers private as well as commercial insurance under its four-wheeler banner. The private car package covers loss arising out of manmade and natural calamities, legal liability to third-party personal injury and property damage, and compulsory Personal Accident cover for owner-drivers. You can also avail of a discount for opting for higher voluntary excess.

Distinguish Universal Sompo Car Insurance
Benefits
  • Possess authentic and prestigious certifications
  • Allows its policyholders to raise unlimited claims
  • Provides third party as well as comprehensive plan
  • Holds a strong network of more than 3,500 garages
  • 24x7 emergency assistance is provided to policyholders
  • A robust customer support system to resolve their queries.
Features
  • Quick claim settlement
  • Instantaneous purchase
  • Wide range of add-ons
  • Third party liability
  • Personal accident cover
  • Loss due to natural calamities
  • Loss due to man-made calamities.
Highlights
  • 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.
  • 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.
  • Attractive discounts are allowed by the Universal Sompo car insurance plan thereby making the premiums affordable in your pockets.

Universal Sompo Car Insurance Claim Settlement Process:

  • Notification of Claim: Like Liberty, Universal Sompo requires policyholders to report any incidents or claims promptly. Contact their customer service through the provided helpline or online portal to initiate the process.
  • Claim Registration: Register your claim with Universal Sompo by providing the necessary details, including policy information, the nature of the claim, and any relevant documentation.
  • Documentation: Similar to Liberty, Universal Sompo will request specific documents to process your claim. These typically include the claim form, policy documents, FIR (if applicable), and repair estimates from authorized garages.
  • Survey and Inspection: A surveyor may be appointed to assess the damage and circumstances of the claim. They will prepare a report detailing their findings.
  • Claim Settlement: After reviewing all documentation and survey reports, Universal Sompo will assess the claim and, if approved, proceed with the settlement. The settlement can involve repairs or a payout, depending on the policy terms.
  • Payment or Repairs: Universal Sompo will either make a direct payment to the policyholder or the authorized repair garage, depending on the type of claim and policy conditions.
  • Claim Closure: Once the settlement is complete, the claim is considered closed, and the policyholder should have their vehicle repaired or receive compensation as per the agreement.

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*Know about Universal Sompo Car Insurance benefits and coverages in this Article*

Comparison of Liberty vs Universal Sompo Car Insurance

We explained in detail the difference between Liberty Car Insurance and Universal Sompo Car Insurance. The comparison will be done based on various factors such as claims, customer service, policy cost, and more. However, some key differences make them stand out from each other.  This article will help you decide which insurance company to go with, explains the pros and cons of both policies, and how they compare with each other.

Distinguish Liberty Car Insurance Universal Sompo Car Insurance
Coverages
  • Accident due to external impact
  • Damage due to an earthquake, flood, storm, landslide, rockslide
  • Loss of the vehicle through burglary or housebreaking
  • Irreparable damage to the vehicle due to a fire, explosion, self-ignition, lightning
  • Damage due to malicious intent including riots, strikes, or terrorism
  • Accident to the vehicle while in transit by road, rail, and inland waterway or on a lift.

The motor private car insurance policy covers:-

  • Fire
  • Explosion
  • Natural disasters
  • Self-ignition
  • Theft
  • Personal accident
  • Theft
  • Road, rail, inland waterway.
Types of Policies
  • Liability Only Policy
  • Stand-alone Own damage Policy
  • Comprehensive Policy.
  • Motor private car insurance policy
  • Comprehensive car insurance
  • Third party car insurance.
Add-ons/Riders
  • Depreciation cover
  • Consumables cover
  • Gap value cover
  • Roadside assistance
  • Passenger assistance cover
  • Engine safe cover.
  • Depreciation waiver
  • Return to invoice
  • Loss of personal belongings
  • Engine protector
  • Roadside assistance cover
  • Hospital daily cash
  • Cost of consumables
  • NCB Protector
  • Tyre and Rim secure
  • Loss of Driving license
  • Accidental hospitalization
  • Daily Cash allowance
  • Secure Towing
  • Key Replacement clause.
Accessibility Online through
PolicyBachat & Liberty Website.
Online through PolicyBachat
& Universal Sompo Website.

Pros & Cons of Liberty vs Universal Sompo Car Insurance

Compare Liberty Car Insurance Universal Sompo Car Insurance
Pros
  • Comprehensive Coverage
  • Strong Customer Service
  • Quick Claim Settlement
  • User-Friendly Technology
  • Premium Costs
  • Limited Network of Garages
  • Affordable Premiums
  • Wide Network of Garages
  • Transparency
  • Quick Claim Processing
Cons
  • Premium Costs
  • Limited Network of Garages
  • Limited Coverage Options
  • Mixed Customer Reviews

FAQs of Liberty vs Universal Sompo Car Insurance Comparison

What factors should I consider when choosing between Liberty and Universal Sompo car insurance?

When making this decision, consider factors such as your coverage needs, budget, the type of coverage offered, add-on benefits, customer service, and the efficiency of the claim settlement process. Both companies have their own strengths, so it's important to align your priorities with the insurance provider that best meets your requirements.

Which insurance provider offers more affordable car insurance premiums?

Universal Sompo Car Insurance is often recognized for its competitive premium rates. However, the actual cost of your insurance policy may vary based on factors like your vehicle's make and model, your location, driving history, and the coverage options you select.

Does Liberty General Insurance offer a wide range of coverage options?

Yes, Liberty General Insurance provides a variety of coverage options, including third-party liability, own-damage, and comprehensive coverage. This allows you to choose the level of protection that suits your needs.

Are there any notable differences in the claim settlement process between Liberty and Universal Sompo?

Both companies aim for efficient claim settlement processes, but the specific procedures may vary slightly. It's essential to familiarize yourself with the claim settlement process outlined in your policy documents and contact the respective companies for guidance on filing a claim.

Can I customize my car insurance policy with add-on benefits from both Liberty and Universal Sompo?

Yes, both providers offer add-on benefits that allow you to customize your policy. These add-ons may include options like zero depreciation cover, roadside assistance, and personal accident coverage. Be sure to review the available add-ons and select those that best suit your needs.

Do Liberty and Universal Sompo provide a network of authorized repair garages for cashless claims?

Yes, both insurance providers typically have a network of authorized repair garages where policyholders can avail of cashless claim services. The extent and availability of this network may vary by location, so it's advisable to confirm with the respective companies for details.

Can I switch from one insurance provider to another during policy renewal?

Yes, you can switch from one insurance provider to another when renewing your policy. However, it's essential to ensure that you adhere to the renewal and cancellation procedures specified in your current policy and to consider factors like the no-claim bonus transfer and continuity of coverage when making the switch.

Conclusion:

In conclusion, the comparison between Liberty General Insurance and Universal Sompo Car Insurance reveals two notable contenders in the car insurance market, each with its own strengths and weaknesses. Liberty General Insurance impresses with its comprehensive coverage options, strong customer service, and efficient claim settlement process. On the other hand, Universal Sompo Car Insurance offers competitive pricing, a vast network of authorized repair garages, and transparent policies. The choice between these two providers ultimately hinges on individual preferences, specific coverage needs, and budget constraints. It is imperative for consumers to carefully assess their priorities and requirements before making a well-informed decision, ensuring that their chosen car insurance aligns perfectly with their unique circumstances and preferences.

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