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SBI Car Insurance
SBI car insurance offers monetary coverage to the insured car against unpredictable loss or accidental damages arising from incidents like road accidents, theft, fire, etc. Since motor insurance is absolutely necessary for every car owner in India, SBI General Insurance Company has come up with tailor-made car insurance plans that can also be enhanced by purchasing additional covers.
About SBI General Insurance Company Limited
SBI General Insurance Co. Ltd. is one of India's most trusted general insurers. It is a joint venture between the State Bank of India and the Insurance Australia Group (IAG). State Bank of India is the country's largest and foremost leading commercial bank in terms of profit, balance sheet, deposits, customer base, and branch network. On the other hand, IAG is a pioneer in general insurance, mainly in Australia, New Zealand, and Asia.
SBI General Insurance Company aims to provide 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 |
| Claim Settlement Ratio | 98% |
| Personal Accident Insurance | Up to Rs. 15 Lakhs |
| Network Garages | 16,000 |
| No Claim Bonus | Yes |
| No. of Zero Dep Claims | Unlimited |
| No. of Non-ZDClaims | Unlimited |
Benefits of SBI Car Insurance
Take a look at the features and benefits of SBI General car insurance:
- A cashless facility is available in more than 16,000 authorised network garages.
- Personal Accident Cover of Rs. 15 lakh is available for the owner/driver of the insured car.
- Availability of affordable car insurance that can be easily customised.
- A no-claim bonus discount is also given for every claim-free policy year.
- The insurance company offers a fast, convenient and transparent claim settlement process. Moreover, the SBI car insurance claim settlement ratio is 98%.
Types of SBI Car Insurance Policy
SBI car insurance offers three major types of car insurance plans, which are explained below:
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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.
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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 accidents, etc. The policy excludes covering third-party liability and, thus, can be purchased with an existing third-party liability car policy.
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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 the insured car.
The coverage of a SBI comprehensive car policy can also be enhanced by purchasing add-ons at an extra premium.
SBI Car Insurance Premium Calculator
Before choosing the right SBI vehicle insurance policy, a policyholder can also calculate the own damage premium of a motor insurance plan by using a SBI 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: Losses 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 car. These include property damages, death or injury of a 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: Damage to the insured vehicle due to normal wear and tear and general ageing.
- 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 car is being used for commercial purposes.
- Invalid Driving Licence: Damage to or by a person driving the vehicle without a valid driving licence.
- 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 specified geographical location.
SBI Car Insurance Add-Ons
Depreciation Reimbursement Cover
The zero dep cover by SBI car insurance ensures that a policyholder gets the full amount that he/she claims without
any deduction for the depreciation value on parts of the car.
No Claim Bonus Protection
When a policyholder raises a claim, his/her NCB gets nullified. To avoid this, an NCB Protect Cover can be beneficial.
With this cover, the insurance company will retain the No Claim Bonus reward of the policyholder even if a claim is registered during the policy tenure.
Return to Invoice
Under the Return to Invoice 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 vehicle.
Key Replacement Cover
Under the key replacement 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 offered under this plan is allowed only once during the plan tenure.
Loss of Personal Belongings
With the loss of personal belongings add-on cover, the insurer y will reimburse the loss of personal belongings of the individual present in the insured car.
The add-on cover defines personal belonging as clothes, jewellery, mobile, laptops, audio/videotapes, CDs, etc
Engine Guard Cover
The engine guard add-on cover provides compensation for repair/replacement of the engine and its parts to the policyholder.
Damages due to water ingression or leakage of oil are covered.
Roadside Assistance Cover
Under the roadside assistance 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.
Claim raised under this cover will not impact your NCB.
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.
All these items are usually not covered under a standard car insurance plan.
Inconvenience Allowance
Under this plan, the company will pay the policyholder a daily cash benefit for everyday commutes if the insured car is under repair.
The daily cash benefit is provided only for the time taken to repair the damages caused by the accident, subject to a maximum period of 10 days.
How to Renew SBI Car Insurance?
For SBI car insurance renewal online, simply visit Policybazaar.com and follow these steps:
Step 1: Select the 'Car Insurance' tab from the homepage
Step 2: Enter your car number and View Instant Quotes
Step 3: Fill in the required details like name, email and mobile number
Step 4: Select the previous policy expiry date and previous claim details
Step 4: Find the SBI car insurance renewal plans from the given plans. You can also view policy details here.
Step 5: Select the add-on covers and move forward with the premium payment
Step 6: Select the NCB discount of your existing vehicle insurance policy
Step 7: Fill out the given proposal form and confirm the rest of the details
Step 8: Select Summary and Payment
Step 9: Make payment using your desired payment method.
Step 10: Once the payment is complete, your SBI car insurance renewal online will be complete. You will receive your SBI General Insurance renewal policy papers at your registered email ID.
How to File a Claim Under SBI Car Insurance?
To file a SBI car insurance claim, you can follow the steps mentioned below:
1
Intimate the Insurer:
Call the toll-free number of SBI General Insurance Company and inform them of the incident for faster claim registration.
2
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.
3
Documents Submission:
Submit the relevant documents asked by the surveyor for the claim to be processed. Keep all the required documents handy.
4
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 authorised network garage, the company will pay you the claim amount after you settle the bill.
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
Car Insurance for Popular Brands in India
FAQs
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Q1: How can I reduce the SBI car insurance price?
Ans: Follow these tips to reduce the premium of your SBI vehicle insurance policy:
- Retain your NCB by not raising a claim
- Get an ARAI-approved anti-theft device installed in your car
- Opt for voluntary deductibles
- Become a member of the Automobile Association of India
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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 insurer’s website with your policy details and check the status of your four-wheeler insurance policy. If you are a Policybazaar customer, you can check the status of your policy by logging into your account.
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Q3: What is the company’s process for settling claims for SBI car insurance?
Ans: You need to inform the insurance company on the toll-free number or you can send the e-claim request 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 policy to be canceled by visiting the nearest branch of the insurer or sending an email to them.
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Q5: How can I download the SBI car insurance policy online?
Ans: You can get an SBI car insurance policy download from the insurer’s official website. Moreover, if you have purchased a policy from us, you can download a soft copy from your Policybazaar account as well.
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
##Claim Assurance Program: Pick-up and drop facility available in 1400+ select network garages. On-ground workshop team available in select workshops. Repair warranty on parts at the sole discretion of insurance companies. Dedicated Claims Manager. 24x7 Claim Assistance.