Universal Sompo Bike Insurance

Universal Sompo Bike Insurance Policy - Key Features

*Disclaimer: This table is for reference purposes only. Please refer to Universal Sompo bike insurance policy wording to know about the exact features of the insurer.

Why Choose Universal Sompo Bike Insurance Policy?

Check out the compelling reasons that make the Universal Sompo bike insurance policy a wiser choice for the protection of your two-wheeler:

• Get coverage at an affordable premium price.
• Renew or buy a bike insurance online through a user-friendly portal.
• Enjoy a hassle-free bike insurance claim process.
• Access repairs at over 3,500 partnered garages nationwide.
• Enhance your coverage with add-ons like return to invoice cover, depreciation waiver cover, etc.
• Receive NCB discounts on subsequent renewals for a claim-free record.
• Benefit from round-the-clock customer support service for your insurance-related queries or services

Types of Universal Sompo Bike Insurance Policy

Universal Sompo General Insurance Company Limited is the first public-private partnership general insurance venture in India. The company offers four different types of bike insurance policies are mentioned below:

1. Standalone Motor Own Damage Policy

   The standalone motor own damage bike insurance policy is designed to protect the insured bike from damages caused by fire, theft, natural disasters, and accidents. It also meets legal requirements by including personal accident coverage for the owner-driver.

2. Third-Party Two-Wheeler Insurance Policy

   Universal Sompo's third-party two-wheeler insurance policy covers third-party injuries and property damage caused by the insured bike. This type of policy is mandated by the law and is available for the duration of 5 years

3. Bundled Two-Wheeler Insurance Policy

   This Universal Sompo bike insurance policy offers comprehensive protection by covering damages to the two-wheeler, third-party liabilities, and personal accident risks for the owner-driver. Moreover, A No Claim Bonus (NCB) can be earned on the own damage if no claims are made during the policy term. Moreover, this type of bike policy is available for new two-wheelers in India covering third-party liabilities for 5 years and own-damages for 1 year.

4. Two-Wheeler Package Policy

   The Universal Sompo motor two-wheeler package policy is a comprehensive bike insurance policy that takes care of vehicle damage, third-party liabilities, and personal accident coverage for the owner-driver.

*Disclaimer: This table is for reference purposes only. Please refer to Universal Sompo bike insurance policy wording to know about the exact features of the insurer.

Depreciation Rates for Different Parts of a Bike

The applicable depreciation rates for different parts of a two-wheeler are as follows:

1. Nylon, rubber, plastic parts (e.g., tubes, tyres, airbags, batteries): 50% depreciation
2. Paint material: 50% depreciation
3. Fibreglass parts: 30% depreciation
4. Glass parts: No depreciation
5. All other parts, including wooden components, will follow the specified schedule defined in the policy documents.

Depreciation Based on the Age of the Bike

The table below highlights the depreciation rate for your bike on the basis of its age.

**Disclaimer: The depreciation rates provided are for reference only. Please review the policy wording for complete terms and conditions.

Personal Accident (PA) Coverage for Bike Owners

Universal Sompo General Insurance Co. Ltd agrees to provide compensation of up to ₹15 lakh to the owner of the vehicle in the event of bodily injury or death caused by an accident. The compensation will be paid according to the following scale:

Important Points to Consider Under Personal Accident (PA) Cover

Personal Accident (PA)compensation will be paid only for any one condition mentioned in the table above, and the insurer's total liability will not exceed ₹15 lakh during any single insurance period. Moreover, no compensation will be provided if the death or injury is caused by intentional self-harm, suicide, any physical defect or infirmity, or if the accident occurs while the person is under the influence of drugs or alcohol.

How to Buy/Renew Universal Sompo Bike Insurance?

The process of buying or renewing a Universal Sompo bike insurance policy through Policybazaar.com is as follows:

• Step 1: Open Policybazaar.com, hover on 'Insurance Products', and click the 'Bike Insurance' option.
• Step 2: Type your bike number in the required field and press the 'View Prices' button. If you do not have a bike number, tap 'Bought a New Bike' to proceed.
• Step 3: Make the necessary selections, such as the model and variant, city and RTO, manufacturer, etc., related to your bike, and tap on 'View Plans'.
• Step 4: Choose the Universal Sompo bike insurance plan from the available options.
• Step 5: Opt for any one of the policy types, i.e. third-party or comprehensive coverage.
• Step 6: If required, buy add-on covers, such as the consumables cover, roadside assistance cover, etc., to your base policy.
• Step 7: Complete the process by making payment through any suitable payment mode, such as credit/debit card, UPI, or net banking. Once you have done this, your bike insurance policy will be sent to your registered email ID.

How to File a Universal Sompo Bike Insurance Claim?

Here's a step-by-step guide on how you can easily file a bike insurance claim with Universal Sompo General Insurance Co. Ltd on the basis of the claim type:

1. For Theft Claim

   Follow the steps below to raise a claim related to theft:

   • Step 1: Inform about the incident at the nearest police station and get an FIR.
   • Step 2: Submit the issued FIR to the insurance company.
   • Step 3: A surveyor will be assigned to evaluate the situation.
   • Step 4: Inform your RTO about the theft incident.
   • Step 5: Gather and submit all the documents required to raise a claim.
   • Step 6: If your bike remains untraceable for more than a month, a police ‘untraceable report’ which further helps in settling the claim.

2. Accident Claim

   An accident claim can be raised by following the steps below:

   • Step 1: Notify your insurer about the accident and fill out the claim form on their website.
   • Step 2: A surveyor will inspect the damage by visiting the incident site.
   • Step 3: Submit all necessary documents to process your claim.
   • Step 4: For cashless settlement, get your bike repaired at a network garage, and your insurance provider will settle the expenses directly. Alternatively, if you opt for reimbursement, you can get your bike repaired at any garage, pay the bills upfront, and then get reimbursed by the insurer.

3. Third-Party Claim

   The steps to raise a third-party claim are as follows:

   • Step 1: Notify the accident details to your insurer.
   • Step 2: Proceed further by submitting the court summons to the insurance company.
   • Step 3: Complete and sign the claim form.
   • Step 4: Provide all necessary documentation for reference purposes.
   • Step 5: The case will then be adjudicated by the Tribunal court.

Documents Required for Raising Universal Sompo Bike Insurance Claims

The list of documents necessary for raising a bike insurance claim under different scenarios is as follows:

1. For Theft Claims

   Check out the list of documents required for raising theft claims:

   • Claim form duly signed by the insured
   • RC Copy of the Vehicle with all original keys
   • Driving Licence (DL) Original bike insurance policy
   • Original FIR of the complete report of the theft
   • A 'no-trace report' from the police stating that the vehicle cannot be located.

2. For Accident Claims

   The following documents will be required for raising accident claims:

   • Duly signed claim form
   • Original RC copy of the vehicle
   • Original DL of the vehicle owner
   • Copy of the first two pages of the bike insurance policy
   • Motor Collision Report (MCR) or FIR
   • Original estimate of the repair
   • Original repair invoice and payment receipt. (If the repair was done in a preferred workshop under the cashless scheme, only the repair invoice is required).

3. For Third Party Claims:

   The documents required for raising third-party claims are listed below:

   • Claim form duly signed by the insured
   • Police FIR
   • Original Driving Licence
   • Original two-wheeler insurance policy
   • RC copy of the bike
   • Stamp in case of company-registered vehicle documents.