SBI CAR INSURANCE
SBI Car Insurance by SBI General Insurance Co. Ltd. is the most trusted general insurer in India which is a joint venture between State Bank of India owning 74% of the total and Insurance Australia Group (IAG) holding the rest of 26%. State Bank of India is the country’s largest and foremost leading commercial bank in terms of profit, balance sheet, deposits, customer base and last but not the least its huge network of branches. IAG is a pioneer in general insurance company mainly in Australia, New Zealand and Asia which underwrites almost an $11 billion of premium every year.
Car is treated as one of the important treasured possession in anybody’s life. In today’s busy world, almost every individual needs their own mode of transportation in order to have a smooth and independent life and hence car is a necessity. Therefore, protecting the car or his or her vehicle is of utmost importance. The protection can be done against risks like natural calamities and other dangers like theft etc. Not only can this, but third party damage or loss and legal proceedings also be taken care of by the car insurance plans. Hence, it’s absolutely necessary that every car owner must have a car insurance plan and moreover the same has been mandated by law as well. SBI General Insurance Co. Ltd. has come up with tailor-made car insurance plans which fit the necessities and provisions that an individual might need for his or her vehicle.
SBI Car Insurance Plan at a Glance
|Features||Coverage and Benefits|
|Third Party Coverage:||It protects against any legal liability arising out of an accident.|
|Incurred claim ratio:||102.07%|
|Personal Accident Insurance:||Up to 15 Lakhs|
|Network Garages:||1500+ network of garages across India|
|No Claim Bonus||Yes|
Why Does One Need Car Insurance Plans?
Accidents can happen at any point in time and so does the natural calamities. No can predict either of these but can certainly protect their vehicles from the uncertainties and related loss or damage by availing the best car insurance plans. A good car insurance plan can shield or guard the vehicles and the insured not only from accidents and natural calamities but also from the risks arising out of third party damages and loss. Moreover, it’s absolutely mandatory under the Motor Vehicles Act to have a car insurance plan.
Hence, SBI General Insurance Co. Ltd. provides wide-ranging car insurance plans which shield vehicles from any risks.
Here we will see an overview of SBI Car Insurance Plan.
Why SBI Car Insurance Plans?
- Profile-based personalized pricing
- One can avail discount if aged between 36-60 years
- Options add-ons like nil depreciation return to invoice etc
Now let’s have a look at the features and benefits of the plan.
Features and Benefits of SBI Car Insurance Policy
- The plan includes compulsory personal accident cover of INR. 15 lakhs for the individual owner of the car. It does not apply to company-owned vehicles. Personal accident cover for the occupants of is limited to INR 2 lakhs per individual. You can also increase your Personal Accident coverage by paying an additional premium.
- Third Party Liability: This policy provides for legal liability coverage for the third party as well which is mandated by the law.
- Damage to the vehicle due to natural calamities like storm, flood, etc. or any burglary, theft or act of terrorism
- It covers for the following things as well for an additional premium :
- Additional Legal Liabilities towards Paid Driver and Employee: This plan also covers the additional legal liabilities towards paid driver employed during the accident of the vehicle and also the employees travelling or driving the vehicle
- (Other than the driver).
- Nil Depreciation: It ensures that one gets the full amount that he claims without any deduction of the depreciation value on parts of the car.
- Bi-fuel kit: The plan also covers the CNG/ LPG /Bi-Fuel Kit.
- No Claim Bonus Protection: The Company will sustain the No Claim Bonus on payment of additional premium provided :
- The vehicle is renewed with the company.
- Only one single claim was made during the policy tenure.
- The insured vehicle is repaired in a Garage which is authorized by the Company.
- The rate of No Claim Bonus at the time of renewal will be at par with the time prior to the loss he has incurred.
Return to Invoice:
Under this plan, the Company will pay the monetary deficit
(if any), between the amount insured receives under Section I of the plan and the purchase price of the vehicle as confirmed in the Invoice of Sale or current replacement price of the new vehicle, whichever is less, in case the insured vehicle is a Total Loss /CTL following an accident or being stolen during the tenure of insurance and not recovered thereafter. The First time Registration
Charge as well as the Road tax which the insured has incurred on the insured vehicle will also be reimbursed by the Company. However, the insured vehicle should not be more than 2 years of old from the date of the invoice or the date of registration whichever is earlier.
Key Replacement Cost:
Under this plan, the company will reimburse the cost of replacing the keys provided:
- In case of lost or stolen keys, all other duplicate keys are to be deposited with the Company.
- The entire sets of old keys are to be deposited with the company in case the vehicle is broken at the time of the burglary or attempted burglary.
- An FIR copy to be submitted with the Company confirming the date and the time of the incident.
- The replacement process will be done at any of the Garages authorized by the Company.
- Each replacement claim will be subject to q0% co-share of the total cost of replacement subject to a minimum of Rs 500/- by the insured.
- The replacement under this plan is allowed only once during the plan tenure.
- All items replaced under this plan will be the same type with respect to quality, standard or quantity with the one which was lost, stolen or replaced.
Loss of Personal Belongings:
Under this plan, the Company will reimburse the loss of personal belongings provided:
- It covers the personal belongings of the insured individual only.
- An FIR copy to be submitted with the Company confirming the date and the time of the incident along with the list of articles lost.
- The plan defines Personal Belonging as items such as clothes and other articles of personal nature which includes jewellery, mobile, laptop, audio/video tapes, CDs. However, it excludes money, securities, cheques, bank drafts, debit and credit cards, travel tickets, paintings, curios and items of similar nature.
- Any claim under this plan is subject to a precondition that there is valid own damage or key replacement claim with respect of the insured vehicle which is already submitted and processed by the company under the plan.
- The maximum amount payable under the plan is RS 50000/- during the plan tenure. However, each claim is subject to a deductible to Rs 5000/- for Laptop and Jewelleries and RS 2500/- for Mobiles and RS 500/- for the rest.
Under this plan, the company will pay the Insured a daily cash benefit as mentioned in the schedule provided:
- Daily cash benefit has taken only for the time taken for the repair of the damages caused due to the accident subject to a maximum period of 10 days.
- The repairs should be carried out in Garages authorized by the Company only.
- The deductible mentioned in the schedule will be reduced from the eligible days of benefit for each and every claim under the plan.
- The plan is applicable only for the first two own damage claims during the plan tenure.
Bonus and Discount on SBI Car Insurance Policy
- No Claim Bonus (NCB): If n claim is made during the plan tenure, then a No Claim Bonus is offered on renewals subject to a maximum of 50% and the policy is renewed within 90 days of the expiry date of the previous policy. Another advantage is one can transfer the No Claim Bonus and its full benefits when one shifts from one Car Insurance Plan to the other Car Insurance Plan of any other company.
- Voluntary Excess Discount: An attractive and a further discount on the premium is applicable if one opts for a Voluntary Excess in addition to the Compulsory Excess.
Exclusions under SBI Car Insurance Policy
SBI Car Insurance Plans have some exclusion which one should be well-known with so that there is a clear understanding of the plans and one is absolutely doubts free while applying for the same. Any loss/damage to the vehicle to its accessories will not be covered if caused due to the following reasons:
- Normal wear, tear and general aging of the vehicle.
- Depreciation or any consequential loss.
- Any loss or damage to the vehicle to its accessories
- Mechanical and electrical breakdown.
- The vehicle used for any other reason other than as specified in the plan.
- Damage to or by a person driving the vehicle without a valid driving license.
- Loss or damage due to war, mutiny or nuclear risk.
- Driving after consumption of alcohol or drugs.
Claim Process for SBI Car Insurance:
- Call at the toll-free no of the company and lodge the claim.
- The claim reference number will be given and the process will be explained.
- “i-claim” form can also be downloaded and after filling up, the same can be forwarded to claims@sbigeneral[dot]in email id.
- One can also download the claim form and submit the following documents:
- Self-attested legible copy of the Registration Certificate.
- Self-attested legible copy of Driving License of the driver at the time of the accident.
- Attested copy of FIR in case of third party injury/ damage.
- Details of the third party injury/ damage.
- A Surveyor is appointed to assess the loss of the insured vehicle and inspection of the same. Post which the approval is given and the insured is intimated about the claim status.
- The Surveyor will monitor the repair work in every stage. In case of cashless claims, one might have to pay the respective proportion of the loss towards depreciation, deductibles/ excess as per the policy, charges towards the repairs authorized by one and take the delivery of the vehicle. And in case where the repair is done in any garage, the insured will be required to pay bills to the garage and then submit the bills in originals to the SBI General Insurance Co. Ltd. local office with the relevant documents for reimbursement.
- In case of an accident, the company will for repair and/or the replacement charges of the damaged parts and the labour charges. In case of replacement of any damaged part, depreciation charges for the replaced parts as per the insurance policy will be borne by the insured person. In addition the excess/ deductibles as mentioned in the policy will be borne by the insured person. The cost of removal of the vehicle from the accident place to the nearest garage or the repair shop is also reimbursed as per the specified limit.
- One very important to be noted here is that irrespective of any damage caused to the vehicle or not, the insured person should never fail to inform about the accident to the insurance company. In case of an accident with third party injuries or damages, FIR needs to be furnished along with other claim documents.
- Claims also can be lodged after expiry /renewal of a policy provided the incident happened within the policy period. Any claim falls outside the policy period will not be entertained.
SBI Car Insurance Online Purchase and Online Renewal
One can purchase and renew the plans online by simply filling certain details. By visiting the official website > Plans for Individuals> Buy / Renew Online option, these can be done.
SBI Car Insurance Contact Details:
- One can also email at customer[dot]care@sbigeneral[dot]in
- Individuals can also opt for “Request a call back” option where after filling up a few simple details a call back will be made from the Company.
SBI Car Insurance- FAQs
Ans: The SBI General Insurance Co. Ltd. offers 6 modes of premium payment namely:
- Cash payment at the branch
- Online Payment
- Credit Card
- Debit Card
- Net banking
Ans: For registered online users, login to the website with your policy details and check the status.
Ans: You can visit the website to renew your policy
Step 1: Login with your policy details on the e-Portal Step 2: Select the policy and payment mode ( Net Banking, Debit/Credit Card)
Step 3: Print/save cyber receipt of your payment Alternatively, pay via cheque/debit at the nearest branch to renew your policy.
Ans: You need to intimate the company on the toll free number or you can send the e-claim on company’s mail id. Upon successful completion of the documentation, the claim is settled within 30 days.
Ans: If the vehicle is liability covered you can ask for the cancellation of the policy. For the cancellation of the policy, just visit the nearest branch.
Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.Read More