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About SBI General Insurance Company Limited
SBI General Insurance Co. Ltd. is one of the most trusted general insurers in India. It is a joint venture between the State Bank of India and Insurance Australia Group (IAG). State Bank of India is the countrys largest and foremost leading commercial bank in terms of profit, balance sheet, deposits, customer base and network of branches. On the other hand, IAG is a pioneer in general insurance mainly in Australia, New Zealand and Asia.
SBI General Insurance Company aims at providing innovative and simple general insurance solutions ranging from health, motor, home, and travel insurance. The Company also fulfils the insurance needs of the retail, corporate and SME segments.
Key Features of SBI Car Insurance
| Features | Coverage and Benefits |
| Third-Party Coverage | Yes |
| Incurred claim ratio | 86.10% |
| Personal Accident Insurance | Up to 15 Lakhs |
| Network Garages | 2613 |
| No Claim Bonus | Yes |
Benefits of SBI Car Insurance
Take a look at the features and benefits of SBI Car Insurance:
- Cashless facility is available in more than 2000 authorized network garages.
- Personal Accident Cover of Rs. 15 lakh available for the owner/driver of the insured car.
- Availability of affordable car insurance that can be easily customized.
- No Claim Bonus discount is also given on every claim-free policy year.
- The insurance company offers a fast, convenient and transparent claims process.
Types of SBI Car Insurance Policy
SBI car insurance offers three major types of car insurance plans, which are explained below:
1. SBI Third Party Liability Car Insurance Policy
This SBI motor insurance policy provides legal liability coverage for the third party, which is mandated by the motor laws. It covers any damages sustained by the third party property or injury or death of the third party in case of an accident from the insured car.
The compensation offered under the third party liability policy is unlimited for death or injury. For third party property damage, it is limited to up to Rs. 7.5 lakh.
2. SBI Standalone Own Damage Policy
The Own Damages car insurance policy covers a policyholder against damages sustained by the insured car due to events like theft, fire, natural calamities, road accident, etc.
The policy excludes covering third party liability and thus, can be purchased with an existing third-party liability car policy.
3. SBI Comprehensive Car Insurance
The comprehensive motor insurance policy by SBI General Insurance Company covers the insured car against damages arising due to unforeseen events like a road accident, manmade acts, earthquake, fire, theft, etc. Moreover, the comprehensive car insurance policy also covers third-party damages arising due to an accident of the insured car.
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SBI Car Insurance Premium Calculator
Before choosing the right SBI vehicle insurance policy, a policyholder can also calculate the premium of a motor insurance plan by using a Car Insurance Premium Calculator. This enables him/her to check the premium beforehand and proceed only if the policy fits within his/her budget.
Coverage Under SBI Car Insurance
- Natural Calamities: Damage to the vehicle due to natural calamities like storms, floods, earthquakes, tempests, landslides, etc
- Manmade Acts: Damages sustained by the insured vehicle due to manmade acts like riots, terrorism and strikes.
- Fire: Damages to the insured car due to fire or explosion.
- Theft: Loss or damages resulting from theft, burglary or housebreaking.
- Liability to Third Party: Damages sustained by the third party due to the insured cars accident. These include property damages, death or injury of third-party.
- In-transit Damages: Loss or damage to the insured car while it was in transit via train, air, water, etc.
- Wear and Tear: Damages to the insured vehicle due to normal wear, tear and general ageing of the vehicle.
- Depreciation: Depreciation suffered by the insured car with age.
- Consequential Loss: Any consequential loss borne by the insured car.
- Breakdown: Damages arising due to the mechanical and electrical breakdown of the insured car.
- Used for Other Purpose: Damages to the insured vehicle if used for any reason other than as specified in the plan. For instance, a private vehicle is being used for commercial purposes.
- Invalid Driving License: Damage to or by a person driving the vehicle without a valid driving license.
- War: Loss or damage due to war, mutiny or nuclear risk.
- Drunk Driving: Damages to the insured car while driving after consumption of alcohol or drugs.
- Outside Geographical Location: Losses to the insured car outside the geographical location.
SBI Car Insurance Add-On
SBI General Insurance Company also offers some additional covers that can be purchased to increase the coverage of a car insurance policy. These add-ons can be purchased by paying an extra premium amount. Add-ons offered by SBI car insurance include:
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Depreciation Reimbursement
This add-on cover by SBI car insurance ensures that a policyholder gets the full amount that he/she claims for without any deduction for the depreciation value on parts of the car.
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No Claim Bonus Protection
With this cover, the insurance company will sustain the No Claim Bonus of the policyholder even if a claim is registered during the policy tenure.
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Return to Invoice
Under the add-on cover, the insurance company will compensate the amount equal to the difference between the current invoice price and IDV of the car to the policyholder in case of a total loss or theft of the insured car.
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Key Replacement Cover
Under this add-on cover, the company will reimburse the cost of replacing the keys of the insured car provided the original keys are lost, stolen or broken during an unfortunate incident. The replacement under this plan is allowed only once during the plan tenure.
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Loss of Personal Belongings
Under this cover, the Company will reimburse the loss of personal belongings of the insured individual present in the insured car. The add-on cover defines personal belonging as items such as clothes, jewellery, mobile, laptop, audio/videotapes, CDs, etc.
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Engine Guard
The engine guard add-on cover by SBI car insurance provides compensation for engine repair/replacement to the policyholder if the insured car’s engine or its parts have sustained damages due to water ingression or leakage of oil.
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Roadside Assistance Cover
Under this add-on cover, the insurance company provides for on-road repairs in case the insured car suddenly stops on the road due to a breakdown, flat tyre, dead battery, etc.
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Consumables Cover
A consumables cover compensates for the refill/replacement of consumable items used in the insured car, such as nuts, bolts, screws, AC gas, gearbox oil, etc.
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Inconvenience Allowance
Under this plan, the company will pay the policyholder with a daily cash benefit for everyday commute if the insured car is under repair. The daily cash benefit is provided only for the time taken for the repair of the damages caused due to the accident subject to a maximum period of 10 days.
Add-ons for your car insurance
How to File a Claim Under SBI Car Insurance?
To file an insurance claim under SBI car insurance, you can follow the steps mentioned below:
- Intimate the Insurer: Call at the toll-free no of SBI General Insurance Company and intimate them of the incident for faster claim registration.
- Inspection of the Car: Once your claim has been registered, the insurance company will send a surveyor to estimate the extent of damages sustained by the insured car.
- Documents Submission: Submit the relevant documents asked by the surveyor for the claim to be processed. Make sure to keep all the required documents handy.
- Claim Processed: The insured car will be sent to the network garage for repairs. Once the repairs are complete, the insurance company will settle the claim directly with the network garage. If it's a reimbursement claim and the repairs have not been done in an authorized network garage, the company will pay you the claim amount after you settle the bill.
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Documents Required to Raise a Claim Under SBI Car Insurance
To raise a claim under SBI car insurance, you will be required to submit the following documents to the insurance company:
- Copy of the Registration Certificate.
- Copy of Driving License
- Duly signed claim form
- Copy of Police FIR
- Repair Bills
- Estimates of Repairs
- Car Insurance Policy Documents
How to Renew SBI Car Insurance?
You can renew SBI car insurance online by simply visiting Policybazaar.com and following these steps:
- Visit the Car Insurance page from the Insurance Products dropdown
- Enter your car number and View Instant Quotes
- Fill in the required details like name, email and mobile number
- Select previous policy expiry date and previous claim details
- Find the SBI car insurance renewal plans from the given plans. You can also view policy details here itself.
- Select the add-on covers and move forward with the SBI General Insurance renewal payment
- Select the NCB discount of your existing vehicle insurance policy
- Fill out the given proposal form and confirm the rest of the details
- Select Summary and Payment
- Once the premium has been verified, make payment via your desired payment method.
- Once the payment is complete, your SBI car insurance renewal online will be complete. You will receive your renewal policy papers at your registered email id.
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FAQs
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Q1. How to pay an SBI car insurance price? What are the modes of payment available?
Ans. The SBI General Insurance Co. Ltd. offers 6 modes of premium payment namely:
- Online Payment via credit card, debit card and net banking
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Q2. How can I check the policy status for SBI car insurance?
Ans. For registered online users, log in to the website with your policy details and check the status of your four-wheeler insurance policy.
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Q3. What is the company’s process to settle claims for SBI car insurance?
Ans. You need to intimate the insurance company on the toll-free number or you can send the e-claim on the company's mail id. Upon successful completion of the documentation, the claim will be settled within 30 days.
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Q4. What is the policy cancellation process for SBI car insurance?
Ans. If the vehicle is liability covered, you can ask for the cancellation of the policy by just visiting the nearest branch of the insurer or sending an email to them.
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Q5. Can I transfer my existing NCB while renewing my car insurance policy from another insurer?
Ans. Yes, you can transfer your No Claim Bonus discount while renewing your motor insurance policy from another car insurance company.
Sbi General Car Insurance Reviews & Ratings
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