Universal Sompo Bike Insurance

Universal Sompo is India’s first Public-Private partnership in the General Insurance Industry with its headquarter in Mumbai, India. It is widely appreciated for its different insurance products from bike insurance, car insurance and so on. This private-public joint venture was established by the joint effort of two nationalized banks which are Allahabad Bank and Indian Overseas Bank, one private sector bank which is Karnataka Bank Ltd, one FMCG which is Dabur Investment Corp and a Japanese insurance company which is Sompo Japan Nipponkoa Insurance Inc.

In 2007, Universal Sompo was founded with the mission of providing world-class insurance products and services for bike insurance, health insurance and so on. The range of products and services provided by Universal Sompo include individual health insurance, group health insurance, individual accident, critical illness policy to car and bike insurance policies such as motor private car insurance plan, two-wheeler insurance plan, passenger-carrying vehicle insurance plan, etc.

The vision of the company is to become a market leader in bike insurance and other insurance products and they are willing to do so by keeping the customers satisfied. The company is operating with around 135 IRDA approved products, via 86 branches and 17 zonal offices. Moreover, the company is associated with more than 3,500 garages to provide services for car and bike insurance and offer 24x7 active customer support.

Universal Sompo Bike Insurance

Universal Sompo General Insurance Company offers customers three basic types of two-wheeler insurance. This includes third party insurance, standalone own-damage insurance and comprehensive insurance. Third party insurance is compulsory in India, according to the Motor Vehicles Act of 1988 anyone caught without this can be fined Rs. 2,000 and/or be imprisoned for up to 3 months. Moreover, in case of a mishap, it will take care of third party liabilities including bodily injuries, death and property damage. On the other hand, if you want coverage for own-damage costs you should purchase a standalone own-damage cover. This type of insurance provides compensation for a wide range of scenarios including road accidents, theft, vandalism, natural and manmade disasters. Lastly if you’re looking for a hassle-free and holistic way to remain ensured purchase a comprehensive plan. This plan takes care of both own-damage costs and third party liabilities under a single premium.

Furthermore, you can strengthen the coverage of your standard two-wheeler insurance by purchasing add-on covers. These are available with every own-damage cover and can significantly enhance your claim amount in case of a mishap. Some add-on covers that you should definitely check out are the zero depreciation cover, roadside assistance cover, passenger assistance cover and engine safe cover.

Universal Sompo is increasingly becoming a popular insurance provider in India. It offers customers a range of benefits and coverage, moreover, its customer service is known to be quick and efficient. With every claim-free year insurance holders also get to enjoy the no claim bonus and in the fifth consecutive year, this add-on goes up to 50%.

Significant Points of Universal Sompo Bike Insurance