Benefits of Buying Universal Sompo Car Insurance
Published On Aug 28, 2023
Benefits of Buying Universal Sompo Car Insurance
Universal Sompo Insurance is a private-public joint general insurance venture, one of the first of its kind in India. The company was started in 2007 as a joint venture between Karnataka Bank, Indian Bank, Indian Overseas Bank, a fast-moving consumer goods (FMCG) company, Dabur Investment Corporation, and a Japanese insurance company called Sompo Japan Insurance. Universal Sompo offers a wide range of products catering to rural, retail, SME, and corporate customer segments. With the support of India's three major banks, an FMCG company, and the technology of Japan, Universal Sompo has a widely distributed network consisting of 113 branches and 17 zonal offices and offers a number of insurance plans including car insurance. With that being said, in this article, we are going to discuss the benefits of buying Universal Sompo car insurance.
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Universal Sompo Car Insurance
Car insurance is one of the several products offered by the Universal Sompo Insurance Company. Universal Sompo offers three different types of car insurance plans: the comprehensive car insurance policy, the third-party liability-only policy, and the bundled plan. The comprehensive policy covers damage expenses to the insurer's vehicle and physical injury to the insurer. The third-party liability-only policy covers damages to the third-party person's vehicle and the person themselves if they have suffered injuries. And finally, the bundled plan provides third-party liability coverage for three years and its own damages coverage for one year.
Benefits of Universal Sompo Car Insurance
The various benefits available in Universal Sompo car insurance are as follows:
1. Attractive add-ons
In addition to the basic policy cover, Universal Sompo car insurance offers add-ons that benefit the policyholder. Some of the add-ons include the following:
- Zero depreciation – Also called Nil Depreciation cover, this add-on helps customers obtain a claim settlement without including depreciation costs.
- Return to invoice – Return to invoice add-on aids the insurer in the case of a Total Loss/ Constructive Total Loss/ Total Theft of the insured vehicle. The Invoice Protect add-on pays the difference between the Current Invoice Value of your car and the Insured's Declared Value (IDV).
- Roadside assistance - Roadside assistance (RSA) add-on offers customers the option of assistance to policyholders from an RSA service provider in the event of the following incidents.
- Electrical, mechanical or accidental breakdown
- Dead battery
- Flat tyre
- Running out of fuel
- Car keys lost or misplaced
- Daily cash – Daily cash add-on provides customers with a daily allowance if their car is at an authorised workstation for the repair of damages, provided the claim is covered in the policy.
- Key replacement – This add-on provides the option of covering the cost of replacing lost, stolen or broken keys of the car. This also includes the labour costs of opening the car if the keys are misplaced.
- No claim bonus – No claim bonus (NCB) is a discount in premium offered by insurance companies if a vehicle owner has not made a single claim during the motor insurance policy term.
- Engine protection - This add-on covers damage or loss to the car's engine or parts.
- Consumables cover – Consumables add-on covers the cost of consumable items that may need to be replaced during the repair of a damaged vehicle. These include engine oil, coolant, brake fluid, lubricants, nuts and bolts, filters, washers, etc.
- Towing – This provides the option of towing the car to the nearest garage after an accident, breakdown, or other covered events that leave your car inoperable and covering the expenses.
2. Instant processing
Universal Sompo car insurance offers hassle-free and quick processing for car insurance buying as well as claiming. With the advent of online services, the time taken for purchasing and claiming car insurance is drastically reduced, along with the need for documentation. You can also easily download Universal Sompo car insurance from their website.
3. 24*7 customer service
Universal Sompo offers 24* 7 customer assistance services, ensuring that individuals can have their questions resolved effectively. This is done through a network of multiple platforms, which includes online chat platforms and toll-free telephone lines. This ensures the customer's doubts and queries are resolved quickly and efficiently.
4. Extensive garage network
Universal Sompo has a wide network of 3500 garages. This ensures policyholders are never far away from obtaining repair services from one of the garages. An additional benefit is that these garages offer cashless claim settlement, meaning the insurance company will cover the cost of repairs for the policyholder's car.
Universal Sompo offers plenty of attractive discounts for its car policy holders. Some of them include:
- No claim bonus
- Anti-theft device discount
- Voluntary deductible discount
- Discount for vehicle modification for the physically, mentally and visually challenged
- Membership discount
- Eco-friendly discount
Buying car insurance at Universal Sompo is an extremely beneficial choice that will prove to be helpful in the long run. With its attractive add-ons, discounts, quick and efficient processing, and top-notch customer support services, look no further than Universal Sompo to get your car insurance.
Frequently asked questions
Q. What are the major inclusions of Universal Sompo car insurance policy?
A. Some of the inclusions of Universal Sompo car insurance policy are as follows:
- General ageing, wear and tear
- Damage to the vehicle caused by driving under the influence of liquor
- Damage to the vehicle caused by a person driving it without a driver's license
- Loss/damage caused due to war, mutiny attack, nuclear strikes
- Usage on hire and reward
- Loss or damage resulting from overturning caused due to operation as a toolLoss or damage caused due to burglary or theft unless the vehicle itself is stolen.
Q. How long does it take for Universal Sompo General Insurance Company to process and settle car insurance claims?
A. Car insurance claim settlement in Universal Sompo General Insurance is generally very quick. Once the incident concerning the claim is reported immediately and the proper documents are submitted, the settlement process is usually completed within 7 working days.
Q. What are the applicable depreciation rates on the car's parts as specified by Universal Sompo?
A. The depreciation rates are determined differently for different parts of the car. The applicable rates are as follows:
- Nylon, rubber, and plastic parts – 50%
- Tyres and tubes – 50%
- Car battery and airbags – 50%
- Fibreglass parts – 30%
- All other parts, including wooden parts – 5% to 50% depending on the car's age
- Painting – 50%
Q. What documents are required when filing a car insurance settlement claim at Universal Sompo General Insurance company?
A. The documents needed during filing a car insurance settlement claim at Universal Sompo General Insurance Company are as follows:
- Valid Driving Licence of Car
- Car Insurance policy document
- Car's Registration Certificate (RC)
- Pollution Under Control Certificate (PUC)
Q. How to change the details in my existing car insurance policy??
A. You have to raise an endorsement request with Universal Sompo to change existing details. This can be done through call, email or online mode.