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Universal Sompo General Insurance Company Stand Alone Own Damage 2 wheeler policy
Universal Sompo is a joint venture between Indian Bank, Indian overseas bank, KarnatakaBank, Dabur Investment Corporation, and Sompo, A leading Insurer from Japan. It provides a diverse range of products to customers in the field of insurance.
Universal Sompo Stand Alone Own DamageBike Policy
One may only purchase a SAOD policy if they already have third-party coverage. Third-party obligations are not covered by the SAOD insurance. The coverage protects the policyholder from damages such as fire, theft, roadside accidents, man-made disasters, and natural disasters.
Benefits of buying Stand Alone Own Damage policy from Universal Sompo
How to purchase Stand Alone Own Damage Policy from universal Sompo
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Coverage of Stand Alone Own Damage Policy universal Sompo
Exclusions under Stand-Alone Own Damage Policy in Universal Sompo
Frequently Asked Questions
1. What is a premium-bearing endorsement?
An endorsement for which additional premiums are charged is referred to as a premium-bearing endorsement.
2. What are the types of two-wheeler insurance policies according to the Motor Tariff Act?
There are three types of two-wheeler insurance policy comprehensive two-wheeler insurance, Third party two-wheeler insurance, and Stand-Alone own damage insurance.
3. Is own damage insurance the same as comprehensive insurance?
No, SAOD policy covers only own damage losses but comprehensive policy covers both third parties as well as own damage losses.
4. What are the documents required to renew my bike insurance policy?
You need your previous insurance company’s copy and registration certificate of the bike.
5. What is depreciation covered in two-wheeler insurance?
Depreciation cover provides the insured with the benefit of full financial protection in case of replacement of parts without taking into consideration any deductions for depreciation for two-wheeler parts.