In the bustling landscape of the Indian insurance sector, Universal Sompo General Insurance has emerged as a prominent player, offering a diverse range of insurance products to cater to the needs of individuals and businesses alike. Established as a joint venture between three well-respected entities - Indian Bank, Indian Overseas Bank, and Sompo Japan Insurance Inc., Universal Sompo has steadily built a reputation for its comprehensive coverage, customer-centric approach, and innovative solutions.
With a commitment to providing financial security and peace of mind, Universal Sompo has managed to carve a niche for itself in an industry where trust and reliability are paramount. Over the years, the company's emphasis on customer satisfaction, coupled with its consistent delivery of quality services, has contributed to its strong standing in the insurance market.
- Building Reputation through Comprehensive Coverage
- Customer-Centric Approach
- Innovative Solutions for Evolving Needs
- Strong Ethical Foundation.
Universal Sompo General Insurance has earned a reputation as a reliable, customer-centric, and innovative player in the Indian insurance market. Its comprehensive coverage, commitment to customer satisfaction, and ethical business practices have contributed to its favorable standing among policyholders and industry peers alike. As we delve deeper into the nuances of Universal Sompo's car insurance price list in India, it is important to recognize the company's reputation as a foundation for understanding its offerings and benefits comprehensively.
| Key Features |
Benefits |
| Premium |
For 1000 cc Starts at Rs. 2055 |
| Policy Issuance |
Quick & hassle-free |
| Policies Issued |
6 million |
| No claim Bonus |
Covers up to 50% |
| Claims Settled |
1,11,787 lakhs |
| Claim Process |
Instant Motor Claims through the IL Take Care app |
| Zero Depreciation Cover |
Get up to 7 years of zero depreciation add-on cover without any gap on several claims. |
Universal Sompo Car Insurance Review
Universal Sompo is grounded in a strong foundation of expertise, credibility, and innovation. Leveraging the experience of its parent companies, it has established itself as a reliable partner for individuals and businesses seeking insurance solutions. The company's philosophy revolves around delivering financial security, risk mitigation, and peace of mind to its policyholders.
Range of Insurance Products: Universal Sompo's extensive portfolio encompasses a wide array of insurance products tailored to various needs and lifestyles. While they offer insurance solutions across diverse sectors, their car insurance offerings have particularly gained prominence due to the ubiquity of vehicles in India's transportation ecosystem.
Key Features of Universal Sompo Car Insurance:
- Third-Party Liability Coverage: Universal Sompo offers coverage for legal liabilities arising from third-party bodily injury, death, or property damage. Law to protect individuals against financial repercussions from accidents involving their vehicles mandates this coverage.
- Comprehensive Coverage: Going beyond basic liability coverage, Universal Sompo's comprehensive car insurance plans provide protection against a range of risks including theft, damage due to accidents, natural calamities, and more.
- Add-On Covers for Enhanced Protection: Universal Sompo offers a variety of optional add-on covers that policyholders can tailor to their specific needs. These add-ons include features like zero depreciation cover, roadside assistance, engine protection, and more.
- No Claim Bonus (NCB): Universal Sompo rewards safe and claim-free driving with a No Claim Bonus, which reduces the premium cost upon policy renewal.
- Hassle-Free Claims Process: The company's efficient and transparent claims settlement process ensures that policyholders receive prompt assistance during stressful situations.
- Personalized Premium Calculations: Universal Sompo takes into account factors like car make, model, age, location, and usage to provide policyholders with personalized premium quotes.
Why Universal Sompo Car Insurance is Important?
Universal Sompo Car Insurance is important because it provides crucial financial protection against a range of uncertainties associated with owning and driving a vehicle. It not only fulfills legal requirements by covering third-party liabilities but also safeguards your own vehicle against damage, theft, and natural calamities. With the option to customize coverage through add-ons, it ensures peace of mind and financial security while navigating the unpredictable landscape of Indian roads.
| Key features |
Benefits |
| Third party cover |
Covered up to Rs. 7.5 lakhs |
| Cashless network garages |
Cashless network garages 3500+ |
| Claim settlement ratio |
89.94% |
| Add-on covers |
- Daily Allowance
- No Depreciation
- Invoice cover
- Roadside assistance
- Key Protect
- Consumables cover
- Towing facility
- Engine Facility
- NCB Protect
|
| Features |
- Quick claim settlement
- Instantaneous purchase
- Wide range of add-ons
|
| Coverage’s |
- Loss or damage caused due to fire, explosion & self-ignition.
- Loss or damage due to natural calamities such as floods, storms, landslides, earthquakes, rockslides, hurricanes, lightning.
- Loss due to theft, robbery, and other manmade calamities such as strike, riots, terrorist activities, accidental external damage.
- Damage caused due to travel by road, air, elevator, inland waterway.
- Third-party liability in cases of injury, death or damage
- Personal accident cover.
|
| Discounts |
- No claim bonus
- Voluntary deductible
- Anti-theft device.
|
Universal Sompo Car Insurance Price List
The Universal Sompo Car Insurance Price List is a comprehensive breakdown of the costs associated with insuring your vehicle. It encompasses components like the Own Damage (OD) Premium, which considers factors such as the vehicle's Insured Declared Value (IDV) and model; the Third-Party Liability Premium, which is influenced by the engine capacity and type of vehicle; and additional costs for selected Add-On Covers, tailored to enhance coverage. The Price List also factors in the No Claim Bonus (NCB), a reward for claim-free years, affecting the premium positively by offering discounts. These elements collectively define the financial commitment required to ensure comprehensive protection and peace of mind on the road.
Certainly, here is a simple table illustrating a comparison of insurance premiums for different car models and age groups. Please note that the values are hypothetical and for illustrative purposes only.
| Age Group |
Car Model |
Base Premium |
Premium with Zero Depreciation Add-On |
| 25-30 |
Sedan A |
Rs. 15,000 |
Rs. 18,500 |
| SUV B |
Rs. 18,500 |
Rs. 23,000 |
| 40-50 |
Hatchback |
Rs. 10,000 |
Rs. 12,500 |
| Sedan B |
Rs. 12,500 |
Rs. 15,500 |
| 50+ |
Hatchback |
Rs. 8,000 |
Rs. 9,800 |
| SUV C |
Rs. 11,000 |
Rs. 13,500 |
Please remember that these figures are fictional and for illustrative purposes only. Insurance premiums can vary significantly based on actual car models, insurer policies, location, driving history, and other factors. Always obtain personalized quotes from insurance providers to accurately assess your premium costs.
Universal Sompo Price variation based on location (urban vs. rural areas)
Here's a table that showcases premium variations based on location and the influence of add-ons on the premium.
| Universal Sompo Car Insurance |
Urban Areas |
Rural Areas |
| Base Premium |
Rs. 15,000* |
Rs. 10,000* |
| Zero Depreciation |
Rs. 3,500* |
Rs. 2,000* |
| NCB Protection |
Rs. 2000* |
Rs. 1,500* |
Please keep in mind that these figures are for illustrative purposes only. Actual premium variations based on location and the impact of add-ons can differ based on insurance providers, specific policies, and individual circumstances. Always consult with insurance professionals to get accurate and personalized premium quotes.
Types of Universal Sompo Car Insurance Policies:
Broadly, universal sompo car insurance policy is divided into 2 types for unpredicted damage loss
1.) Third-party Insurance:
One of the most popular words known to many people owning a vehicle is Third party insurance cover. Also known as, TP Insurance is a type of insurance that is mandatory to have for each vehicle owner. As per the motor vehicle act, Third Party insurance is also known as Act-only or Liability-only insurance and can be given on a Standalone basis. The first party in Motor insurance is the Insured person (Customer) and the second party is the Insurer (Insurance Company). According to the Motor vehicles act, it is compulsory for every vehicle plying on public roads to have Third party insurance.
Coverage:
Third party insurance cover has the following benefits:
- Third Party Injuries
- Third Party Death
- Third party property
- Personal Accident Cover
Exclusions:
There are certain exclusions in the Third party policy which are listed below.
- Damage to your car
- Violating rules while driving
- Driving without a valid insurance policy
Damage caused to the third party in case of the accident made by the policyholder and also third-party property damage is claimed.
IRDA (Insurance Regulatory Authority of India) has made a recent update in the premium for third-party insurance.
| Cubic capacity |
Premium |
| 1000cc |
Rs.2,055 |
| 1,000cc -1,500cc |
Rs.3,132 |
| 1,500cc |
Rs.8,630 |
Note: The maximum limit of compensation is up to 7.5 Lakhs. The amount of compensation is determined by a court of law.
2.) Comprehensive Car Insurance Policy:
Get claim assistance in case of damage to your vehicle in case of
- Accident,
- Theft,
- Vandalism,
- Floods,
- Fire,
- Damage caused by animals, and
- Other natural disasters except for damage due to a collision.
A comprehensive car insurance policy is claimed by the calculating value of the vehicle after deducting depreciation. A comprehensive plan protects your car from various situations other than third party liability coverage, some of which are mentioned below:
- Theft incidents
- Damage caused by natural calamities
- Accidental Damages
- Costs of transportation.
Universal Sompo Car Insurance Claim Process:
For hassle-free claims with cheap car insurance premiums get your policy online on Universal Sompo. An online insurance policy is helpful to get a discount on your motor insurance, the policyholder will get the insurance policy soft copy to their mail immediately.
To file a car insurance claim with Universal Sompo General Insurance Company, you can follow the steps mentioned below:
- Intimation
- Surveyor appointment
- Documents verification
- Claim settlement.
Cashless Claim Process:
- Inform the insurance provider
- Get the car towed from the spot of the accident to the nearest network garage
- Services will be provided at the concerned network garage and payment will made by the insurance company to the concerned garage.
Reimbursement Claim Process:
- Keep all bills and invoices ready
- Fill in the duly signed claim form
- Inform the insurance provider and submit the form along with the required documents
- The claim should be processed within 7 working days.
Documents Required:
In case of Car Accident Claims:
- Immediately contact Reliance Motor Insurance on their toll-free number 1800 3009
- Lodge a claim with duly signed Claim Form
- Copy of Driving License, RC book, Policy document
- FIR, if required (Kindly note down, contact details of people and vehicle number involved in accident)
- Original Repair Estimate Bill
- In case of cashless service, only Invoice receipt
- In case of reimbursement provide estimate bill, original invoice and payment receipt
b) In case of Car Theft Claims:
- Immediately contact Reliance Motor Insurance on their toll-free number 1800 3009
- Lodge the claim with duly signed claim form
- Original keys with Copy of Driving License, RC book, Policy document
- Police FIR copy
- Duly signed Form 28, 29, 30 and Form 35.
- Final confirmation with “No Trace Report” of the insured vehicle from the police
c) In case of Third Party Claims:
- Immediately contact Reliance Motor Insurance on their toll-free number 1800 3009
- Lodge the claim with duly signed claim form
- Police FIR copy
- Copy of Driving License, Policy and vehicle’s RC book.
How to Buy/Renew Universal Sompo Car Insurance Online?
Car insurance can be purchased online from the PolicyBachat portal in two easy steps. At PolicyBachat we cater to unbiased comparison of quotes, a 24*7 customer assistance team your motive is to give our customers the right quotes with compare car insurance rates online. You have the option to purchase cover via the online mode or the offline mode while buying or renewing your Universal Sompo car insurance policy. You can buy a Cover by following the below mentioned steps.
- Go to compare car insurance quotes online at PolicyBachat
- Fill in the required details select your Car Model & Variant, RTO Location, Registration date, and Email address.
- Click on the “START SAVING MONEY”.
- Choose a Comprehensive Insurance plan.
- Premiums with different insurance companies are displayed with low premiums.
- Select the Add-on Cover from the available Add-ons if need.
- After that fill in the ‘vehicle owner details and personal details.
- Purchase best Car Insurance Policy using online payment
- If any queries are raised call: 1800–123–4003.
Case Study: Resilience Amidst Adversity
Meet Rajesh, a 38-year-old working professional residing in a bustling city. Last monsoon season, his car, a mid-range sedan, was parked near his home when an unexpected flash flood occur. The rising waters not only damaged the engine but also caused considerable external damage. Fortunately, Rajesh had opted for Universal Sompo Car Insurance with the "Engine Protection" add-on and comprehensive coverage.
The insurance claim process was streamlined and efficient, allowing Rajesh to focus on managing the aftermath of the flood. The "Engine Protection" add-on ensured that even consequential damage due to waterlogging was covered. The Universal Sompo team assessed the damages promptly and settled the claim quickly, providing much-needed financial support during a challenging time.
Rajesh's experience highlighted the importance of comprehensive coverage and the value of add-on covers, as well as Universal Sompo's commitment to swift claims settlement. His positive encounter showcased how having the right insurance partner can turn adversity into an opportunity for resilience and recovery.
*Please note that this case study is fictional and created for illustrative purposes. It does not represent real individuals or events.*
Conclusion:
In conclusion, understanding the Universal Sompo Car Insurance Price List is crucial for making wise choices about your car insurance coverage. We've explored how components like Own Damage Premium, Third-Party Liability Premium, Add-On Covers, and No Claim Bonus impact your premium. By grasping these factors, you can tailor your policy to suit your needs and budget. Remember, being informed empowers you to drive with confidence. So, whether you're a seasoned driver or a new one, take the time to explore Universal Sompo's comprehensive offerings. Your car's protection starts with understanding your options.