New India Assurance and Universal Sompo Car Insurance stand as the foremost insurance companies in India, and selecting the right car insurance plan among them presents a formidable choice. While they share many common features, disparities in cost and coverage further complicate the decision-making process.
Universal Sompo offers an economically attractive car insurance plan that furnishes fundamental coverage. On the contrary, New India Assurance offers a premium-based payment structure, delivering not only basic coverage but also an array of supplementary benefits encompassing roadside assistance, accident cover, and travel perks. The pivotal query then arises: which insurance provider should you opt for? In this comprehensive New India Assurance vs. Universal Sompo Car Insurance comparison article, our aim is to empower you with the knowledge necessary to make an informed decision.
New India Assurance boasts an extensive record of accomplishment, holding a prominent position as one of India's premier car insurance companies. In contrast, Universal Sompo collaborates with multiple brands and has earn’[ed a reputation as one of the country's most dependable insurers. Regardless of whether you choose New India Assurance or Universal Sompo for your car insurance needs, the finest car insurance companies consistently offer:
- Robust coverage options
- Flexibility in add-on customizations
- Exceptional customer service
- A high claim settlement ratio
- Competitive pricing
- An extensive network of cashless garages
- Thorough assessment of your car insurance requirements
- Sound financial stability
- Comprehensive third-party liability coverage
- Personal accident coverage.
The quest for a reputable car insurance company encompasses several crucial considerations. Some individuals prioritize the speed and efficiency of claims settlement, while others seek a provider with access to an extensive network of cashless garages. When embarking on the journey to find an ideal car insurance company, it is imperative to weigh various factors meticulously to ascertain the best fit for your unique needs.
|
Key Points |
New India Assurance Car Insurance |
Universal Sompo Car Insurance |
| Claim Settlement Ratio |
85.35% |
87.96% |
| Cashless Garages |
3000+ |
4600+ |
| Solvency Ratio |
2.13 |
1.90 |
| Branches |
2214 |
86+ |
| Claims Settled |
3.7 lakhs |
1.11 lakhs |
*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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New India Assurance Car Insurance
New India Assurance Car Insurance is a leading provider of car insurance in India. New India Assurance Car Insurance is a company that offers car insurance for both new and used cars. New India Assurance Car Insurance is a company that offers car insurance for both new and used cars. It's one of the leading providers in the country with over 24,000 employees, 1.3 million customers, and an annual turnover of Rs. 600 crore.
New India Assurance Car Insurance provides cover against theft, fire, accidental damage to your vehicle, loss or damage to your vehicle while traveling abroad and accidents caused by third-party negligence among other things. Their policies are designed to suit your needs and budget.
Key Features and Strengths:
- Vast Network: New India Assurance boasts an extensive network of branches and offices, both within India and internationally, facilitating ease of access for policyholders.
- Comprehensive Coverage: The company offers a wide range of car insurance policies, including third-party liability and comprehensive coverage, with options for add-on coverages to enhance protection.
- Financial Strength: New India Assurance maintains robust financial stability, which is crucial for meeting its claim obligations and providing long-term security to policyholders.
- Legacy of Trust: With a century-long history of serving customers, the company has garnered trust and reliability, making it a preferred choice for many.
| Add-on/Riders |
- Zero Depreciation Cover
- Road tax cover
- No Claim Bonus
- Engine Protect Cover
- Towing Charges
- Co-passenger Cover
- Hydrostatic lock.
|
| Types of Policies |
- Standalone OD (Own Damage)for Private Car
- Private Car
- Standalone CPA (Compulsory Personal Accident) Cover.
|
| What is covered? |
- Loss or damage to accessories fitted in the vehicle such as stereos, fans, air-conditioners, etc.
- Personal accident cover under private car policies for:
- Legal liability to employees.
- Legal liability to non-fare paying passengers in commercial vehicles.
|
*Know more about New India Assurance Car Insurance Article*
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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 review receives positive reviews for its comprehensive coverage options, efficient claims processing, and customer-centric approach.
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.
Key Features and Strengths:
- Innovative Products: Universal Sompo is known for its innovative and customer-centric insurance products. It offers car insurance plans with customizable options to suit individual needs.
- Strong Bank Partnerships: The company's partnerships with well-established Indian banks enhance its accessibility and distribution channels.
- Customer-Centric Approach: Universal Sompo places a strong emphasis on customer satisfaction, offering features like prompt claim settlements and 24/7 customer support.
- Technological Advancements: The company leverages technology to streamline processes and provide a seamless experience for policyholders.
| Types of policies |
- Motor private car insurance policy
- Comprehensive car insurance
- Third party car insurance.
|
| Add-ons/Riders |
- 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.
|
| What is Covered? |
The motor private car insurance policy covers:-
- Fire
- Explosion
- Natural disasters
- Self-ignition
- Theft
- Personal accident
- Theft
- Road, rail, inland waterway.
- Affordable premiums
- A strong network of garages
- 24x7 assistance.
|
*Know about Universal Sompo Car Insurance benefits and coverages in this Article*
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Comparison of New India Assurance Car Insurance and Universal Sompo Car Insurance
When you buy insurance for your car, you would want to get insurance that is high on benefits and low on costs. The comparison of New India Assurance and Universal Sompo Car Insurance depends on factors such as Customer Service, Product Portfolio, Pricing, Best Coverage, suitability, and Claim Settlement Ratio. PolicyBachat helps you choose the best car insurance policy by comparing it online. You must know what your budget and requirements are, to decide on the right one for your needs.
| Key Features |
New India Assurance Car Insurance |
Universal Sompo Car Insurance |
| Premium |
Starting at just Rs. 2094 |
For 1000 cc Starts at Rs. 2055 |
| No Claim Bonus (NCB) |
Up to 50% discount |
Covers up to 50% |
| Claim Assistance |
Quick and Easy Claim Settlement Process |
24x7 paperless claim assistance |
| Easy Claims |
Through the New India Assurance Insurance Mobile App |
Instant Motor Claims through IL Take care app |
| Accessibility |
Online through
PolicyBachat & New India Assurance Website. |
Online through
PolicyBachat & Universal Sompo Website. |
| Benefits |
- Third party liability covers up to 7.5 lakhs
- The policy also pays for towing charges from the place of the accident to the workshop up to a maximum limit of Rs.300/- for Scooters/Motorcycles and Rs.1500/- for cars and commercial vehicles.
- A restricted cover is also available covering the risk of Fire and/or Theft only, in addition to the compulsory cover granted under the "Liability Only Policy".
|
- 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
- Claims are settled within 3 days of the application
- The complaint is resolved within 15 days of acknowledgment
- Claim payment is made within 3 days of discharge voucher receipt.
|
- 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 |
- New India Assurance is the first non-life insurance company to get an 18,000 Cr premium.
- Been a market leader for four 4 decades.
- New India Assurance is the only Global Insurance company with a presence in over 28 states.
- New India Assurance has a total Assets of 61,720 Cr. and a total Net worth of 28,895 Cr.
- New India Assurance Add-on covers
- Get the New India Assurance add-on covers for extended benefits in case of any mishap.
|
- 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.
|
PolicyBachat insurance market is huge and offers a wide range of car insurance plans at economical rates. At present, several insurance companies provide reliable car insurance plans. The insurers offer unique features and personalized facilities to cater to different sorts of customer needs.
Factors Influencing Car Insurance Premiums: New India Assurance vs Universal Sompo Car Insurance
Car insurance premiums are influenced by various factors that insurers take into account when calculating the cost of coverage. These factors can include:
- Vehicle Type and Model: The make and model of your car, as well as its age and market value, significantly impact your premium. Expensive or high-performance vehicles usually have higher premiums.
- Coverage Type: The coverage you choose, whether basic third-party liability or comprehensive coverage, affects your premium. Comprehensive coverage is more expensive than basic coverage.
- Driver's Age and Experience: Young and inexperienced drivers typically pay higher premiums due to the higher perceived risk associated with their age group.
- Driving History: A clean driving record with no accidents or traffic violations can lead to lower premiums, while a history of accidents and violations may result in higher costs.
- Location: Your location plays a role in premium calculation. Areas with high crime rates or a history of accidents may have higher premiums.
- Deductibles: Opting for a higher deductible (the amount you pay out of pocket before the insurer covers the rest) can lower your premium, but it increases your financial responsibility in case of a claim.
- No Claim Bonus (NCB): Insurers offer discounts on premiums for policyholders who haven't made claims in previous policy years. Accumulated NCB can significantly reduce your premium.
- Add-Ons and Coverage Limits: Adding optional coverages and increasing coverage limits will increase your premium.
- Usage of the Vehicle: The purpose of your vehicle usage (personal, commercial, or business) and the number of kilometers you drive annually can impact premiums.
- Safety Features: Vehicles equipped with safety features such as anti-theft devices, airbags, and anti-lock brakes may qualify for premium discounts.
Claim Settlement Process: New India Assurance vs. Universal Sompo Car Insurance
The claim settlement process in the insurance industry involves several key steps:
- Reporting the Claim: When an insured event occurs, the policyholder must promptly report the claim to the insurance company. This can usually be done through the insurer's customer service or claims department.
- Claim Documentation: The policyholder needs to provide the necessary documentation, which typically includes a claim form, details of the incident, photographs (if applicable), and any other relevant evidence.
- Assessment: The insurer assesses the claim to determine its validity, coverage, and the extent of loss or damage.
- Claim Approval: Once the assessment is complete, the insurer approves the claim if it meets the policy terms and conditions. If not, the claim may be denied.
- Claim Payment: In the case of an approved claim, the insurer disburses the payment to the policyholder or the repair/service provider, depending on the nature of the claim. This can include repairing or replacing the insured item or reimbursing the policyholder for the incurred expenses.
- Closure: After the claim is settled, the process is closed, and the policyholder and insurer consider the matter resolved.
New India Assurance's Claim Settlement Process:
- Policy Details: Provide your policy number and other relevant policy details.
- Incident Details: Describe the incident or loss in detail, including the date, time, location, and circumstances.
- Supporting Documents: Include any supporting documents, such as photographs, police reports (in case of accidents or theft), and repair estimates.
- Claim Reporting: Notify New India Assurance about the claim as soon as possible after the incident.
- Survey and Assessment: The insurer may appoint a surveyor to assess the damage or loss.
- Claim Processing: New India Assurance processes the claim based on the assessment and policy terms.
- Claim Settlement: Once approved, the insurer will settle the claim by repairing, replacing, or reimbursing the policyholder, as per the policy's terms and conditions.
Universal Sompo's Claim Settlement Process:
- Policy Information: Provide your policy number and policy details.
- Incident Description: Detail the incident or loss, including date, time, location, and a description of what occurred.
- Supporting Documents: Include any relevant documents, such as photographs, police reports (if applicable), and repair estimates.
- Prompt Reporting: Report the claim to Universal Sompo promptly after the event.
- Assessment: The insurer assesses the claim, which may involve appointing a surveyor for a thorough evaluation.
- Claim Processing: Universal Sompo processes the claim based on the assessment and policy terms.
- Claim Settlement: Once approved, the insurer settles the claim by repairing, replacing, or reimbursing the policyholder in accordance with the policy's terms and conditions.
It's important for policyholders of both New India Assurance and Universal Sompo to familiarize themselves with the specific details and requirements of the claim settlement process outlined in their policies. Additionally, timely reporting of claims and providing accurate documentation is crucial to ensure a smooth and efficient claims experience.
Tips to consider when choosing between New India Assurance and Universal Sompo Car Insurance
When choosing between New India Assurance and Universal Sompo car insurance, several key factors should be considered to make an informed decision that aligns with your specific needs and preferences. Here are the factors to keep in mind:
- Coverage Options and Customization
- Premium Costs
- Claim Settlement Process
- Customer Service and Support
- Add-On Coverages
- No Claim Bonus (NCB)
- Network of Cashless Garages
- Financial Stability
- Policy Terms and Conditions
- Discounts and Benefits
- Reviews and Reputation
- Ease of Accessibility
- Additional Services
- Policy Renewal Process
- Third-Party Reviews and Ratings
Ultimately, the best car insurance provider for you will depend on your unique requirements, preferences, and priorities. Take the time to compare and contrast these factors for both New India Assurance and Universal Sompo to select the insurer and policy that best suits your car insurance needs.
Conclusion:
In conclusion, the comparison between New India Assurance and Universal Sompo car insurance has illuminated the strengths and offerings of two prominent insurance providers in India. Each insurer presents a compelling array of coverage options, add-ons, and benefits. However, the choice between them ultimately hinges on individual preferences, specific needs, and budget constraints. Whether one seeks the rich history and legacy of New India Assurance or the innovative approach and strong bank partnerships of Universal Sompo, the key takeaway is the importance of informed decision-making. As you navigate the complexities of car insurance, remember that careful consideration of factors such as coverage, premium rates, claim settlement processes, and customer service will empower you to select the insurer and policy that best aligns with your unique requirements, ensuring a secure and protected journey on the road ahead.