Know About Two Wheeler Insurance Plans from Universal Sompo

Posted by somesh mane on August 1st, 2018

Like all valuable belongings that need to be insured, two wheelers are no exception. Universal Sompo’s two wheeler insurance policy mentions an extensive list of coverages, add-ons, optional extensions and also exceptions.

The coverages are applicable for two wheelers that are used for domestic, pleasure and social purposes. It can also be availed for two wheelers used for professional purposes, except those that ferry goods which are not samples. Apart from covering the policyholder, it also applies to individuals employed by him/her, on additional payment over the basic sum insured, when the two wheeler is used for the same purposes. This coverage cannot be availed on two wheelers for hire, reward, speed testing, racing, or any other use related to the motor trade.

Benefits of Two Wheeler Insurance Policy from Universal Sompo

Major features and benefits of this policy include:

• Offers third party liability accident cover
• Ensures transparency regarding factors that cause depreciation of vehicle parts
• Offers no claim bonuses for claims that have not been filed earlier in the tenure
• Includes personal accident cover for the policyholder/employed driver
• Offers covers for damages caused due to man-made disasters and natural calamities
• Customer-centric services
• Comprehensive add-ons and optional extensions that covers a wider range of accidents and services that are not covered otherwise. Further, the cover can be extended to pillion riders, loss of non-electrical accessories and electrical accessories, and legal liability cover

Risks Covered by Universal Sompo under Two Wheeler Insurance Plan

Universal Sompo’s Comprehensive Two Wheeler Insurance Plan covers losses and damages to two-wheelers caused due to the following man-made and natural disasters.

• Flood
• Earthquake
• Landslide or rockslide
• Lightning
• Typhoon
• Fire
• Riot
• Terrorism
• Malicious acts
• Strike
• Self-ignition
• Explosion
• Burglary
• Transit through road, rail, air or inland waterways

Optional Extensions of Universal Sompo’s Two Wheeler Insurance Plan

• Loss of electrical and non-electrical accessories
• Legal liability to employed individuals like driver and cleaner

• Personal accident cover for the pillion riders

Add-ons of Universal Sompo’s Two Wheeler Insurance Plan

The add-ons of this policy include:

• Nil depreciation cover
• Daily cash allowance
• Return to invoice
• Loss of Driving License
• Compensation for additional accidental injury for the policyholder
• Selling Price of the manufacturer or On-road Price
• Winder PA benefit for the policyholder
• Accidental hospitalisation cover for the policyholder’s family
• Hospital daily cash
• Charges of consumables
• Roadside assistance, whenever necessary
• Cover for damages to engine and gear box
• NCB Protector

Exceptions of Universal Sompo’s Two Wheeler Insurance Plan

Covers are not offered in the following situations.

• Accidents that occur outside the geographical area where the policy is applicable

• Normal wear and tear, and consequential loss
• Driving without valid license or under the influence of liquor or drugs
• Vehicle not being used as per the limitations mentioned in the policy

Documents required for Claim Settlement

The policyholder has to provide the following while filing claims with Universal Sompo:

• Name of the policyholder
• Contact Number
• Time and date of loss or accident or damage
• Location of loss or accident or damage
• Brief explanation of reason behind the of loss or accident or damage
• Extent of the loss or accident or damage
• Name, contact information and location of the policyholder when the claim is made by any individual other than the policyholder

Claim Settlement Processof Universal Sompo’s Two Wheeler Insurance Plan

The policyholder has to immediately inform Universal Sompo about the accident by visiting their nearest branch or by calling on their toll free number for initiating the claim process.

In case of an accident

• Submit a written notice providing the details of the accident.
• Submit evidences in the form of valid documents, as asked by the insurer, to support the claims.
• The claim will be registered for further investigation after receiving all the necessary documents.
• The surveyor will analyse the damages and quote an estimate accordingly.
• The claim form can then be submitted by the policyholder.
• An advocate is appointed from the panel on receiving intimation from MACT or court for following up on speedy claim settlement.

In case of loss

The policyholder has to ensure the following to prevent further loss or damage of the insured two wheeler.

• Avoid driving the two wheeler until the completion of the claim settlement process, as the policy would not cover damages caused over previous damages.
• Submit a written statement to Universal Sompo two wheeler insurance along with relevant documents as evidence, as requested by the insurer.
• Submit a detailed estimate of expenses for repair.
• Inform the police in case the two wheeler is stolen.
• The insurer will appoint a surveyor to assess the loss once claim form and repair estimates have been submitted by the policyholder.
• The surveyor will then have to submit his/her report to the insurance authorities.
• If bills have already been paid by the policyholder, Universal Sompo will reimburse the compensation amount or pay it directly.