Universal Sompo General Insurance is one of the renowned providers of general insurance solutions in India. Universal Sompo also offers tailor-made motor insurance plans for commercial vehicles. Commercial vehicle insurance plans from Universal Sompo General Insurance have been specifically designed to cover damages caused to goods carrying vehicles, passenger-carrying vehicles and other miscellaneous commercial vehicles.
This commercial vehicle insurance policy basically provides coverage against any loss or damages caused to the above-mentioned vehicle categories while being used for carriage of goods, hire, or while being used by the insured and its employees for the specified purposes. Universal Sompo commercial vehicle insurance policy also offers coverage against any damage caused to a third-party including bodily injuries, third-party property damage (TPPD) or damage caused to a vehicle other than the insured vehicle.
In addition, commercial vehicle insurance also safeguards against legal liability claims arising out of third-party death, or third party property damage by the insured vehicle as a result of an accident. However, it is important to note here that no coverage will be provided if the commercial vehicle suffers any loss or damage while being used for racing, speed testing, etc.
This plan basically provides coverage to commercial vehicles that are owned by organizations or companies for the purpose of business or trade. Both private as well as public entities can use these commercial vehicles for transportation of goods or passengers within the city or throughout the states. Commercial vehicles can be broadly divided into 2 categories:
- 1. Goods Carrying Vehicles: Such type of commercial vehicles refer to the vehicles that are used to carry goods from one place to another. Vehicles such as vans, trucks, cranes, tractors, shovels, etc. are referred to as good carrying vehicles and can be insured under this plan.
- 2. Passenger Carrying Vehicles: As the name suggests, such type of commercial vehicles basically refer to the vehicles that are being used by people for the purpose of transportation from one place to another. Buses, taxi, auto rickshaw, and even E-Rickshaws are referred to as passenger carrying vehicles and can be insured under Universal Sompo commercial vehicle insurance plan..
- ✔Easy and hassle-free option to buy commercial vehicle insurance online
- ✔Offers discount upon installation of anti-theft devices in the insured commercial vehicle
- ✔Universal Sompo offers concession for specially designed or modified commercial vehicle for specially-able
- ✔No Claims bonus (NCB) for not filing a claim during the policy period
- ✔Get discounts on higher voluntary excess
- ✔Easy commercial vehicle insurance renewal
The insurance provider will compensate the insured against loss or damage caused to the insured commercial vehicle and its accessories under the following circumstances:
- ✔Any loss or damage to the commercial vehicle caused due to fire, explosion, self-ignition, lightning, etc.
- ✔Coverage against any damage from terrorist activity
- ✔Protection against any damage due to riot or strike
- ✔Coverage against burglary, theft, housebreaking, etc.
- ✔Earthquake (fire and shock damage)
- ✔Protection against any accident by external means
- ✔Coverage against any damage from various natural calamities such as flood, hurricane, typhoon, storm, inundation, tempest, cyclone, hailstorm, frost, landslide or rockslide
- ✔Coverage against any damage to the commercial vehicle whilst in transit via road, rail, inland-waterway, air, lift or elevator.
You can further extend the coverage for your commercial vehicle insurance policy with Universal Sompo General Insurance by opting for the following additional coverage options:
- ✔Loss of accessories cover
- ✔Personal accident cover to the occupants of the vehicle
- ✔Legal liability cover to vehicle cleaner or a paid driver, conductor, or any workman
Universal Sompo General Insurance Company will not offer any compensation against claims arising out of the following reasons or under the following circumstances:
- ✔No compensation will be provided in case of any accidents outside the Geographical Area.
- ✔Any claim will not be entertained if it arises out of normal wear and tear.
- ✔No claim if found driving without a valid license.
- ✔No coverage if found to be driving under the influence of liquor, drugs or under the influence of any other intoxicants at the time of the accident.
- ✔Consequential losses are also not covered.
- ✔No coverage for any kind of contractual liabilities.
- ✔No coverage against intentional acts, self-inflicted injuries, or suicidal attempts.
- ✔No coverage against damage caused to tubes and tyres of the unless there is damage caused to the vehicle as well. Note that the insurance company's liability in such cases shall be limited to 50% of the replacement cost.
- ✔Any damage, accidental loss, liability resulting or caused directly or indirectly due to nuclear weapons or nuclear material.
- ✔Any type of consequential loss.
- ✔Any mechanical or electrical breakdown.
- ✔Depreciation, or wear and tear is also not covered.
- ✔Vehicle being used beyond the scope of coverage or being used for any other purpose other than the purpose specified.
- ✔Failures or breakages owing to strain or overloading the commercial vehicle
- ✔Loss of or damage to accessories of the commercial vehicle as a result of housebreaking, burglary, or theft unless the vehicle also gets stolen.
- New India Assurance Company Limited
- National Insurance Company Limited
- Bajaj Allianz General Insurance Company Limited
- United India Insurance Company Limited
- Oriental Insurance Company Limited
- HDFC ERGO General Insurance Co. Ltd
- SBI General Insurance Company Limited
- Star Health and Allied Insurance Co Ltd
- Bharti AXA General Insurance Company Limited