Universal Sompo Bike Insurance

Universal Sompo Bike Insurance has your back when the unexpected hits—because every ride should be about freedom, not worries.

Imagine this: the sound of a motorcycle engine roaring to life on a broad road ahead, the wind in your face, and the excitement of limitless possibilities.  Exciting, no? But with such freedom also comes the need for great responsibility.

What if a sneaky pothole suddenly turns up? Or worse, what if your beloved bike gets hit, leaving it with dents and scratches?

For instance, look at Jagan. He is a typical biker—an early riser who commutes to work on his trusty bike across congested metropolitan streets. He was riding his usual shortcut one rainy morning when his bike unexpectedly slipped on a damp place and collapsed into a parked car. Fortunately, Jagan was unharmed, but what about his bike? There are scratches all over, a smashed headlight, and a bent handlebar. A nightmare, huh?

Not for Jagan. You see, he had Two-Wheeler insurance provided by Universal Sompo Bike Insurance. In just one call, the team helped him navigate a simple claims procedure. His bike was fixed quickly, but what about the cost? Fortunately, it was covered under his insurance policy. As if nothing had taken place, Jagan was back on the road in no time.

Having adequate protection gives you this kind of peace of mind. Have you ever wondered what really sets a Bike Insurance plan apart? What makes your life easier—the extensive coverage, the simplicity of filing a claim, or the nominal benefits?

Universal Sompo Bike Insurance incorporates various features and benefits to provide comprehensive coverage. Interested in details? Let’s unravel the specifics, one section at a time-
 

A Vital Protective Cover For Your Two-Wheeler: Universal Sompo Bike Insurance

Often referred to as a Two-Wheeler insurance policy, Bike Insurance is a contract between an insurance company and a bike owner. This policy offers financial protection for a number of situations, such as third-party liabilities, damage to the bike itself, and injuries to the owner. Usually, this type of coverage protects against unforeseen circumstances such as theft, accidents, natural disasters, etc.

But why is this essential?

As Jagan began a little surfing on Bike Insurance and its need for the day, he was startled! He understood that because there are more two-wheelers on the road now, there is a much higher chance of accidents. To put things in perspective, Two-Wheelers accounted for the highest number of accidents in 2022, with 63,115 reported incidents and 25,228 deaths. They account for a chilling 41.5% of all accident fatalities on Indian National Highways. These numbers highlight just how important it is to have a trustworthy Bike Insurance plan. It offers crucial financial security in the event of unforeseen difficulties, in addition to guaranteeing compliance with legal obligations.

Not only that. Having an active Third-Party Liability Insurance Policy is not only recommended but legally mandated for all Indian bike owners. This legislation assures sufficient coverage for monetary obligations resulting from harm or damages to third parties.

All newly purchased Two-Wheelers must have at least five years of third-party liability insurance as of September 1, 2018. All riders must comply with the law because failure to keep current insurance can result in penalties and other legal repercussions.

But Jagan wondered—will a Third Party Insurance policy suffice? That’s when he understood that although Third-Party Insurance is required, the bike owner has complete control over whether to upgrade to a Comprehensive Two-Wheeler Insurance Policy. Beyond legal requirements, comprehensive coverage provides more extensive protection against risks like theft, natural catastrophes, and accidental damage that are caused both by the bike insured and third parties.

Universal Sompo General Insurance offers customised, comprehensive Two-Wheeler insurance plans for anyone looking for extra peace of mind. These plans are made specifically to provide riders with more financial stability and make sure they are prepared to face a range of unforeseen obstacles.
 

Why Choose Universal Sompo Two-Wheeler/Bike Insurance? Key Features & Benefits

There are many useful features that are provided by Bike Insurance policies on the market today. Out of them, the Two-Wheeler/Bike Insurance policy from Universal Sompo is made to offer comprehensive protection, meaning that bike owners are protected against a range of risks. Here is a brief summary:

• Own Damage Coverage:
  Protect your bike against unanticipated circumstances such as fire, explosion, self-ignition, accidental damage, theft, burglary, rioting, or even terrorist attacks.
   
• Third-Party Damage Coverage:
  Take advantage of protection against liability resulting from harm, death, or property damage to a third party brought on by your covered vehicle.
   
• Comprehensive Coverage:
  It is an extensive plan that combines third-party and own-damage coverage to provide your bike with all-around security.
   
• No Claim Bonus (NCB):
  NCB is your reward for not making a claim. It knocks down your Bike Insurance premium, and the best part? Your percentage of discount on premium grows every consecutive claim-free year, enabling you to reduce premium costs without compromising coverage.
   
• Cashless Repairs:
  Network garages offer cashless repairs, eliminating the need for upfront payments. With more than 13,000 cashless garages spread throughout 1,100+ cities and districts, Universal Sompo Bike Insurance makes sure that the claim procedure goes smoothly by paying the network garage directly for repairs.
  
  While checking them out, Jagan had a feeling that this coverage may not suffice his requirements. He thus started looking for add-ons from the policy.
   
• Add-Ons That Enhance Your Coverage
  Universal Sompo General Insurance provides a number of carefully crafted add-ons to meet specific demands and circumstances, enhancing your insurance protection in certain instances.
• • Daily Cash Benefit For Emergencies: In the unlikely situation that an accident renders your bike unusable, this benefit offers daily financial assistance to help cover transportation costs, making sure that your daily routine is least disrupted.
     
  • Protection For Loss Of Driving License/Registration Certificate: This add-on lessens the financial burden by covering the cost of replacing your driving license or registration certificate if it is stolen or lost.
     
  • Hospital Daily Cash Coverage: This benefit helps cover your medical expenses if you are hospitalised due to an accident involving your two-wheeler.
     
  • Accidental Hospitalisation Coverage For Family Members: This add-on provides family members with hospitalisation coverage in the event of an accident that causes injuries while riding or travelling on the insured Two-Wheeler.
     
  • Return to Invoice Coverage: This add-on makes sure you get the original invoice value rather than the market value in case your bike is completely lost.
     
  • Key Replacement Protection: This add-on protects you against unforeseen costs by covering the cost of replacing any lost or broken keys, including transponder or remote keys.
     
  • Roadside Assistance Service: Never be left stranded on the road—this add-on offers timely assistance anywhere, at any time, in the occurrence of a breakdown, flat tyres, battery problems, or other emergencies.
     
  • Coverage For Consumable Costs: Expenses for consumables such as brake fluid, engine oil, nuts, bolts, and other necessities that are normally not covered by base policies are covered under consumable add-on.
     
  • Secure Towing With Enhanced Coverage: The plan provides effective and safe towing services in the event of an accident or breakdown, which ensures that your car is taken to a repair facility at no extra cost.
     
  • Insurance Based On The Selling Price Of The Manufacturer: It ensures sufficient compensation in case of major damage or loss by insuring your bike for the selling price set by the original manufacturer.
     
  • Engine Protector Add-On: Ensures long-term reliability and performance by protecting your bike's engine and gearbox against harm brought on by water intrusion, oil leaks, or mechanical problems.

Additionally, Universal Sompo Bike Insurance also provides-

• • Personal Accident Coverage For Owner-Driver: Additional coverage to protect the owner-driver financially in the event of an accident.
     
  • Extended Third-Party Property Damage Cover: Beyond the usual policy limits, extended third-party property damage coverage provides additional liability for third-party property damage.

The next thing Jagan began looking for were the various types of Bike Insurance that would protect his cherished bike. Along with Jagan, let’s get to know them too.
 

Different Kinds Of Two-Wheeler/Bike Insurance Plans That Universal Sompo General Insurance Offers

A variety of Two-Wheeler insurance plans are offered by Universal Sompo to meet different demands while ensuring dependable protection and adherence to legal regulations. Here is a summary of the choices that are available:

• Comprehensive Bike Insurance
  This comprehensive policy offers bike owners a well-rounded option by combining protection against accidental damage to their vehicle with third-party liability coverage. It provides five years of protection against lawsuits alleging that the insured vehicle caused third parties' accidental death, serious injury, or property damage, meeting the standards of the Motor Vehicles Act. Along with it, it also offers one year of coverage for unintentional loss or damage to the covered bike and its accessories.
  
  The plan includes coverage for threats like fire, explosions, and natural disasters like earthquakes, floods, and storms, as well as man-made events like theft, riots, strikes, burglaries, malevolent acts, and terrorist operations.
   
• Third-Party Bike Insurance Policy
  This type of insurance covers third-party legal and financial liabilities resulting from accidents involving your covered Two-Wheeler and offers continuous protection for five years. It covers costs associated with legal counsel and lessens the financial burden of paying for damages or injury to third parties or their properties.
  
  In order to give greater adaptability and wider coverage, Universal Sompo Bike Insurance additionally provides many types of policies that offer improved coverage for a longer period of time.
  
  Whether they want full coverage or a more basic, legally compliant option, Universal Sompo Bike Insurance guarantees that every bike owner may find the appropriate degree of protection catered to their needs with these policy options.

Jagan was now pretty impressed with his choice. That was when his friend Kabir joined him to find out more about this Bike Insurance policy. Let’s check out what they discovered together.
 

Coverage Details Of The Universal Sompo Bike/Two-Wheeler Insurance Policy

An outline of the primary areas covered is provided below:

• Protection Against Fire
  Protect your finances from damage caused to your bike that can be a result of fire so you won't have to pay for repairs or replacements in the aftermath of a fire.
   
• Coverage Of Explosions
  This coverage shields your bike from damage brought on by unexpected explosions brought on by quick nuclear or chemical reactions, including the heat, light, sound, or shock waves that result from them.
   
• Protection By Self-Ignition
  Additional security is offered by compensating for losses occurring from self-ignition, in which combustion takes place without the assistance of an external heat source.
   
• Coverage Against Natural Disasters
  Be ready for the unexpected; this coverage guards against damage from natural disasters like hurricanes, earthquakes, floods, and other calamities that could seriously affect your vehicle.
   
• Personal Accident Coverage For Individuals
  In the tragic event that an accident causes bodily injury to the insured, this insurer provides financial compensation, providing comfort and assistance during difficult times.
   
• Protection Against Theft
  Protect yourself from monetary losses brought on by theft, such as robbery, burglary, or other crimes that might result in your bike being lost.
   
• Coverage Of Transportation

Safeguard your vehicle when it's being transported by air, train, road, or inland waterway. This protection covers losses or damages brought on by outside mishaps, malevolent actions, labour disputes, and other possible dangers.

Note: The list above is merely illustrative. Please see the insurance policy wordings for comprehensive terms and conditions and a full understanding of the coverage.

Quite impressed, Kabir also took a look at the exclusions of the policy. Let’s discuss it next-
 

What Does Universal Sompo Two-Wheeler/Bike Insurance Not Cover?

Although Universal Sompo's Two-Wheeler/Bike Insurance policy offers a wide range of coverage, there are some exclusions to be mindful of in order to prevent unpleasant surprises:

• Depreciation And Consequential Losses
  The coverage does not extend to depreciation-related losses or any ensuing damages.
   
• Electrical Or Mechanical Failure
  Damage resulting from electrical or mechanical malfunctions not related to mishaps or external circumstances is not covered.
   
• Consumable Wear And Tear
  Unless damage happens simultaneously with the insured vehicle, the policy does not cover normal wear and tear of consumables like tires and tubes. The insurer's liability is capped at 50% of the replacement cost in these situations.
   
• Accidents Or Damage Caused By Intentional Negligence
  The coverage does not cover any accidental loss or damage brought on by wilful negligent behaviour, such as careless vehicle handling.
   
• Usage Limitations
  Coverage does not extend to vehicles used for reasons other than those specified in the policy.
   
• Damages Resulting From Driving Under Intoxication
  Damages from collisions brought on by a driver under the influence of drugs or alcohol are not covered.
   
• Damage Or Loss As A Result Of Nuclear Risks, Mutiny, Or War
  Any loss or damage brought on by war, rebellion, or exposure to nuclear hazards is not covered by the policy.
   
• Damage From An Unlicensed Driver
  Any loss or damage that results from someone operating the bike without a valid driver's license is not covered.

Note: Please take note that these are general exclusions. Always review the policy wordings for a comprehensive knowledge of all exclusions, limits, and particular conditions that apply to your coverage.

How To Buy A Universal Sompo Bike/Two-Wheeler Insurance Policy From SMC?

The process of purchasing a Universal Sompo Two-Wheeler/Bike Insurance Policy with SMC is quick and simple:

• For a list of SMC's insurance products, start by visiting the official website.
• Choose the Two-Wheeler Insurance section after navigating to the General Insurance tab.
• Enter the registration number of your bike to retrieve specific coverage options.
• If you don't have the registration number on hand, you can still proceed by entering the brand, model, fuel type, variant, RTO location of your bike, etc.
• As directed, fill out the required fields, including ownership information (whether the vehicle belongs to an individual or an organisation).
• After entering your information, you will be taken to the Quotes page, where you can evaluate several plans offered by various insurance companies.
• Depending on your needs, pick the Universal Sompo Two-Wheeler Insurance plan. For better coverage, you can also include additional riders or add-ons.
• Proceed to safely complete the payment.
• Make sure you receive your policy document and the payment acknowledgement after completing the transaction. These are essential documents for future use and will be used as evidence of insurance.

You can easily buy your Universal Sompo Two-Wheeler Insurance coverage with SMC and customise it to meet your unique needs by following the steps listed above.
 

How To Use SMC To Renew Your Universal Sompo Two-Wheeler/Bike Insurance Policy?

It's easy to renew your Universal Sompo Two-Wheeler Insurance Policy with SMC. To ensure continuous coverage, adhere to these simple steps:

• SMC Insurance will send you an email and text message with a link to complete your renewal.
• In the email or text message, click the link for renewal. This will take you to the insurer’s portal.
• Enter your policy number and any other necessary information once you're on the portal.
• Modify your current policy details as needed, such as adding optional riders or updating personal or vehicle information.
• Before continuing, confirm the accuracy of all the information you have submitted.
• Pay securely using the online payment method to finalise the renewal procedure.
• Your registered email address and cellphone number will receive a confirmation message from the insurer after the payment has been finalised.
• To guarantee that you have immediate access to your updated insurance information, a PDF copy of your renewed policy will be delivered to the registered email address.

By taking these easy steps, one may easily renew their Universal Sompo Two-Wheeler Insurance Policy through SMC and keep their bike protected efficiently.

But what about making a claim? Jagan and Kabir wondered.
 

How Can SMC Help Make A Claim For Universal Sompo Two-Wheeler/Bike Insurance?

It's a simple process to raise a claim request through SMC for your Universal Sompo Two-Wheeler Insurance Policy. This is how you can start out:

• To file a claim online, go to SMC's official website and click on the “Claim” tab.
• Give all the required personal information and explain the issue or incident that is connected to your claim. These details will be recorded by the SMC team for further processing.
• SMC will send the insurer your claim request and the required information for evaluation and processing.
• The insurer will examine the given documents and double-check the claim request. If necessary, they will carry out additional verifications or process cashless approvals.
• Depending on the kind of claim raised (cashless or reimbursement), the assistance team will walk you through the next procedures for claim settlement after informing you of the insurer's decision.
• You will be informed if any papers or other requirements are missing. After the matter has been set, the insurer will receive the revised data for a final evaluation.
• Following the completion of the aforementioned procedures, you will receive a notification regarding the approval of your claim, whether it is for reimbursement or cashless services.

Is that it? Jagan and Kabir began to think. The answer was “no!” Let’s see how else SMC can help not just Jagan and Kabir but also you.
 

How Can SMC Help You With Claim Settlement?

With a successful history of facilitating more than 2.04 million claims, SMC is a reliable partner in the claim settlement process. SMC makes the procedure easy and stress-free in the following ways:

• Expert Advice
  At every stage, SMC offers clear, detailed guidance to help you comprehend the claim process and the necessary paperwork, making sure nothing is missed.
   
• Assistance Around-The-Clock For Your Convenience
  Throughout the claim settlement process, SMC's customer service is available 24/7 to answer any questions or issues you may have.
   
• Benefit From SMC's Experience For A More Efficient Procedure
  You can confidently handle the usually complicated claims procedure by seeking the help of SMC, which will reduce delays.
   
• Making Tough Time Easier
  SMC's assistance makes sure that your claim experience is hassle-free, letting you concentrate on the important things while they take care of the details.

You can be confident that by getting help from SMC, you'll get the guidance and help required for settling your Universal Sompo Two-Wheeler Insurance Claim in a timely and efficient manner.
 

Important Records For Universal Sompo Two-Wheeler/Bike Insurance Claim Submission

Having the appropriate paperwork on hand is essential for a smooth claim filing process with Universal Sompo General Insurance. The following is a list of the essential documents usually needed:

• Duly signed claim form
• Copy of insurance policy
• Copy of Vehicle’s Registration Certificate
• Copy of driving licence
• Original repair estimate slip/repair invoice
• FIR (First Information Report) if the claim involves fatality or bodily injury.

Depending on the type of claim and specific policy chosen, such as third-party liability or own damage claims, different documentation may be needed.

Pro Tip: To ensure a seamless and effective claims process, make sure all required paperwork is ready and in order.
 

Rates Of Depreciation For Various Components In A Two-Wheeler Policy

The insurer pays for any loss or damage to the insured vehicle when you file a claim under your Two-Wheeler insurance policy. However, the following rates of depreciation are applicable to replaced parts:

• Batteries, tires, tubes, rubber, nylon, and plastic parts all have 50% of their cost subtracted for depreciation.
• Fibreglass components are subject to a 30% depreciation rate.
• Glass parts are not subject to depreciation (NIL).

It is crucial to remember these depreciation rates since they have a direct impact on the claim settlement amount for repairs, including replacement parts.
 

Depreciation Rates For Two-Wheeler Insurance Policies Depending On Vehicle Age

The age of the vehicle is one of the primary factors that defines the depreciation rate in a Two-Wheeler insurance policy. The insured vehicle's declining value over time according to the vehicle's age is determined using these rates:

• NIL (no depreciation applies) for periods under six months.
• Depreciation of 5% for periods longer than six months but less than a year.
• 10% depreciation if one year is exceeded but two years are not.
• 15% depreciation if two years are exceeded but three years are not.
• 25% depreciation for exceeding three years but not exceeding four.
• 35% depreciation for exceeding 4 years but not exceeding 5 years.
• 40% depreciation for years above five but under ten.
• 50% depreciation for those over ten years.

Both Jagan and Kabir realised that understanding these rates was vital as they indicate the age-related decrease in value of the vehicle and have a direct impact on the claim amount for repairs or total loss scenarios.
 

Wrapping Up,

Riding a bike is like going on an exciting journey in life; it's full of surprises, speed, and freedom. However, even the most skilled riders require a safety net to handle life's unforeseen detours. In this situation, Universal Sompo Bike Insurance can help protect you on every journey like a strong helmet. Every expedition needs a reliable companion, so secure your bike and your trip now. The unseen protector of your bike is Universal Sompo Bike Insurance!

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