Universal Sompo Third Party Bike Insurance

Universal Sompo Third Party Bike Insurance provides financial coverage and security to the policyholder in case any mishap or accident involving a third party is caused by the insured two-wheeler. A third party insurance policy is mandatory according to the Motor Vehicles Act, 1988 in India.

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Benefits of Buying Universal Sompo Third Party Bike Insurance

Take a look at the key benefits of buying a Universal Sompo third party Bike insurance policy:

  • Provides financial assistance to the bike owner to cover third party liabilities resulting from a mishap or an unfortunate accident
  • Fulfils the mandatory requirement of covering every two wheeler with third party insurance cover.
  • Universal Sompo third-party bike insurance can be easily purchased online within a few minutes.
  • The customer care team offers round the clock claim assistance.
  • The premium for the Universal Sompo Bike Insurance Third Party cover is relatively low and affordable.
  • Comes with more than 3500 network garages offering cashless repair facilities.
  • More than 90% of the Universal Sompo bike insurance third party policy claims are settled.

Universal Sompo Third Party Vs. Comprehensive Bike Insurance Plan

Check out the basic differences between the third party and comprehensive two wheeler insurance by Universal Sompo General Insurance Company Limited:

Categories Universal Sompo Third Party Bike Insurance Universal Sompo Comprehensive Bike Insurance
Legal Requirements Third-party insurance is mandatory by law Comprehensive bike insurance is not mandatory by law
Coverage Benefits Only third-party legal liabilities of the policyholder for causing accidental property damages or bodily injuries to the third party Covers third party accidental liabilities along with own damages to the bike
Add-on Covers Not available Offers a wide range of add-on covers like zero depreciation cover, engine protector cover, etc.
Premium More affordable due to limited coverage benefits Higher premium as compared to third party insurance due to wider coverage benefits

What is covered under the Universal Sompo Third Party Insurance Plan?

A third party bike insurance plan comes with an assurance to cover the third-party liabilities. Take a look at the coverage offered by the Universal Sompo third-party insurance policy:

  • Third Party Property Damages– It provides financial aid to the policyholder to pay compensation to the third party for causing property damages by the insured two wheeler in an accident. It covers third party liabilities and property damages up to Rs 1 lakh.
  • Third Party Bodily Injuries- This type of two wheeler insurance online also covers bodily injuries, disability, or unfortunate demise of the policyholder resulting from an accident of the insured two-wheeler. The compensation amount is decided by the Motor Accidents Claims Tribunal after the case proceedings and thus, the insurer provides unlimited coverage.
  • Personal Accident Cover– It provides coverage against accidental injuries or death of the policyholder arising out of an accident of the insured bike. The insurer provides the mandatory cover of Rs 15 lakh.

What is Not Covered under the Universal Sompo Third Party Insurance Plan?

The following expenses are not covered by the Universal Sompo third party bike insurance plan:

  • Own Damages -If the insured two-wheeler is damaged in an unforeseen incident, it will not be included in the coverage.
  • Depreciation - The depreciation on the value of the two wheeler is considered while estimating it’s Insured Declared Value (IDV).
  • Geographical Limit– It does not provide coverage for any accident that occurred outside the geographical limit.
  • Normal Wear & Tear– Any expenses arising out of the normal wear and tear of the bike is not covered.
  • Drunk Driving– It does coverage for any claims arising out of driving the two wheeler in a drunken condition.
  • Illegal Driving– Claims resulting from driving without a driver’s license or using the bike for illegal purposes are excluded.

Universal Sompo Third Party Bike Insurance FAQs

  • Q1. Is it reliable to choose Universal Sompo third-party bike insurance over comprehensive bike insurance?

    Third-party bike insurance is a must for all two-wheeler riders. If you do not use your bikes regularly, you can purchase Universal Sompo third party insurance as it is the minimum available bike insurance coverage. But if you use your two wheeler regularly and want to cover it against unforeseen damages, then you must buy comprehensive bike insurance.

  • Q2. Are add-on covers available with Universal Sompo third-party bike Insurance policy?

    No, there are no add-on covers available under Universal Sompo third-party bike insurance cover.

  • Q3. Can I upgrade my Universal Sompo third party two wheeler insurance policy with comprehensive insurance?

    Yes. You can upgrade your Universal Sompo third party bike insurance policy into a comprehensive policy at the time of policy renewal.

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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial).The list of insurers mentioned are arranged according to the alphabetical order of the names of insurers respectively.Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in