FAQ FOR UNIVERSAL SOMPO BIKE INSURANCE

1. When should my Universal Sompo two-wheeler insurance be renewed?

It is not a good idea to let your insurance policy lapse. Renew it, before it expires. You can also renew it within 90 days of the last renewal date if you missed it. If you do not renew your policy within 90 days of its expiration date, you will forfeit your NCB benefit.

2. I want to know more about the No Claim Bonus limit?

The No Claim Bonus rate is calculated as follows:

• 20 % after one claim-free year
• 25% for the second claim-free year
• 35 % for the third claim-free year
• 45 % for the fourth claim-free year
• 50% for a longer period

3. What does the own damage premium mean?

The amount that a policy buyer must pay to insure their two-wheeler under their own damage insurance plan is referred to as the own damage premium amount. Know more about Universal Sompo Standalone Own Damage policy and premiums here.

4. How much additional do I have to pay for Universal Sompo add-ons?

Different add-on covers are available at different rates. You can check the cost of add-ons and effective total premium in a few clicks here.Our experts at Quickinsure will help you select the addon plans that suit your needs. Get in touch right away!

5. When can I buy the Universal Sompo bike insurance add-on coverage and include them in my plan?

You can purchase Universal Sompo bike insurance add-ons when purchasing the insurance cover or when renewing the insurance policy.

6. How many addons can I buy at most?

There is no limit to the number of add-on covers you want to buy with your policy. You can buy any number of add-ons that you think are beneficial for you.

7. What is IDV in Universal Sompo two-wheeler insurance?

IDV stands for Insured Declared Value, which is the total value of an insured bike determined by the insurer in order to compensate the policyholder in the event of irreparable damage or total loss due to an unforeseen occurrence or theft.

8. What is NCB in Universal Sompo two-wheeler insurance?

NCB stands for No Claim Bonus. NCB is a reward for each claim-free year. This reward is in the form of a discount on next year’s own damage premium.

9. Can a third-party bike insurance policy be supplemented with additional coverage?

No. Add-on coverage is available with either standalone own damage or comprehensive bike insurance policy, not with a third-party policy.

10. What factors influence the cost of Universal Sompo two-wheeler insurance policy?

The cost of bike insurance is determined by the engine's cubic capacity, model type, geographical zone, age of the two-wheeler, and the vehicle's IDV.

11. Can I buy Zero Depreciation cover for my used bike?

Yes, you can get the zero-depreciation add-on cover for your used bike as long as it is under 5 years old. The insurer might conduct an inspection to check that the bike is in good order so that add-on coverage can be added to your policy.

12. Which addons are available for Universal Sompo two-wheeler insurance?

Universal Sompo provides a wide variety of add-on coverage options to choose from. These include: return to invoice, roadside assistance, depreciation waiver, consumables cover, and many more. Read about Universal Sompo two-wheeler insurance addons here.

13. Is a two-wheeler insurance policy can be transferrable?

Yes, if you are selling your two-wheeler, you can transfer the two-wheeler insurance policy in the name of the new owner within a period of 15 days.

14. What are the various types of Universal Sompo two-wheeler insurance policies?

Types of two-wheeler insurance policies are third-party, comprehensive, and stand-alone own damage policies.

15. Can I file a claim if my driver's license is expired?

No, if you don't have an invalid driver's license, you won't be able to file a claim.