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SBI Commercial Vehicle Insurance
SBI commercial vehicle insurance is appropriate for vehicles used by businesses, including trucks, cabs, buses, tippers, passenger-carrying vehicles, and more. The policy offers protection from unforeseen emergencies like accidents, theft, fire, natural calamities, third-party liabilities, man-made disasters, etc. In India, it is compulsory for all commercial vehicle owners to have at least a valid third-party commercial vehicle insurance policy as per the Motor Vehicles Act to legally drive on public roads.
About SBI General Insurance Company Limited
SBI General Insurance Company Limited was established in 2009. It is one of the fastest-growing private general insurance companies in India with over 145 branches. The company provides simple and innovative insurance products for their customers.
It aims to cater to the needs of all customers and offers a wide array of insurance products, such as health insurance, motor insurance, travel insurance, commercial vehicle insurance, and more.
Key Features of SBI Commercial Vehicle Insurance
| Features | Coverage/Benefit |
| Own Damage Cover | Yes |
| Third-Party Liabilities Cover | Yes |
| Towing Facility for Insured Vehicle | Yes |
| Personal Accident Cover for Owner-Driver | Yes (Mandatory of up to ₹15 lakh) |
| Add-On Covers | Available |
Benefits of SBI Commercial Vehicle Insurance
Policyholders can avail the following benefits with their SBI commercial vehicle insurance:
- 24*7 customer support service
- Fair, transparent, and quick claim process
- 7000+ network garages PAN India
Types of SBI Commercial Vehicle Insurance
Policyholders can choose from the following two types of SBI commercial vehicle insurance:
- Third-Party Commercial Vehicle Insurance: This type of insurance is mandated by the Motor Vehicles Act. A third-party commercial vehicle insurance or liability-only policy only covers expenses related to third-party injuries, death, or property damage caused by the insured vehicle. It does not cover damages incurred by the policyholder's own vehicle.
- Comprehensive Commercial Vehicle Insurance: It is also known as a package policy. A comprehensive insurance provides dual protection by covering damages caused to the insured commercial vehicle as well as third-party liabilities. It includes coverage against risks like accidents, theft, fire, and natural disasters. Policyholders also have the option to purchase additional covers to customize the policy as per requirement.
Coverage Under SBI Commercial Vehicle Insurance
The following expenses and damages will be covered by the SBI commercial vehicle insurance:
- All third-party liabilities
- Losses and damages caused by natural disasters
- Damages incurred due to man-made disasters
- Any loss or damage caused due to theft, burglary, or housebreaking
- Losses incurred due to fire, self-ignition, or lightning
- All accidental damages
The following damages are not covered under the SBI commercial vehicle insurance, which are:
- Regular Wear and Tear: Losses or damages caused due to general ageing or normal wear and tear of the commercial vehicle.
- Consequential Loss: Any loss or damage incurred out of a particular action either by the policyholder or third-party, which is not covered under the policy schedule.
- Breakdown of the Vehicle: Losses or damages caused due to the electrical or mechanical breakdown.
- Out of Policy Vehicle Usage: Any loss or damage incurred when the vehicle is used for any purpose that is not mentioned in the policy schedule.
- Unauthorized Driving: Losses or damages incurred if the driver is driving without a driver's license.
- Illegal Driving: Any damage caused when a person is driving under the influence of alcohol or substance/drugs.
- Civil/Nuclear Perils: Any loss or damage occurring in situations like nuclear war, nuclear risk, civil war or mutiny.
SBI Commercial Vehicle Insurance Add-Ons
Policyholders can opt for the following add-ons at an additional premium to increase the coverage of a standard comprehensive policy:
- IMT 23: This add-on provides protection for parts like tyres, tubes, lamps, mudguards, side panels, bumpers, headlights, and paintwork of damaged sections, with the applicable depreciation costs that will be deducted from the final claim amount.
- Zero Dep: With age, your vehicle is subject to depreciation costs that reduces its value each year. Typically, insurance companies deduct this depreciation while processing a claim. With the Zero Depreciation add-on, no such deductions are made in case of accidental damage, ensuring you get the full claim amount.
- Accessories Cover: This optional add-on covers any additional accessories like fog lamps, custom seat covers, and other extras fitted to your vehicle, in case they are damaged during an accident.
- Personal Accident (PA) Cover: It is mandatory to have a Personal Accident cover for the owner-driver of up to ₹15 lakhs, in case of death or permanent disability resulting from an accident.
How To Buy SBI Commercial Vehicle Insurance?
Follow the steps mentioned below to buy or renew an SBI commercial vehicle insurance:
- Visit policybazaar.com.
- Select 'commercial vehicle insurance'.
- Fill out the form with the necessary details and click on submit.
- Choose the add-ons, IDV, and NCB, if applicable and submit the form.
- All the available plans will be shown.
- Choose the most appropriate SBI commercial vehicle insurance.
- Pay the premium and the policy will be mailed to you.
How to File A SBI Commercial Vehicle Insurance Claim?
Inform the Insurance Provider
Contact the support team of the insurer at the toll-free number.
Damage Inspection
A surveyor will be sent to check the damages incurred by the insured vehicle.
Submit Documents
Download the claim form and submit the same along with all the required documents.
Claim Settlement
Once the surveyor is done with the inspection process, the insured vehicle will be sent for repairs. Once finalised and repaired, the claim will be settled.
Documents Required To File SBI Commercial Vehicle Insurance Claim
Policyholders must submit the following documents while filing a claim against an SBI commercial vehicle insurance:
- Duly filled and signed claim form
- Registration Certificate
- Driving License
- Fitness Certificate
- State and national permits
- Load Challans
- Goods Receipt
- FIR /Police Report, if applicable
- Final Repair Invoice
SBI Commercial Vehicle Insurance FAQs
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Q1. What are the benefits of buying SBI commercial vehicle insurance?
Ans: The following are the key benefits of buying SBI commercial vehicle insurance:
- 1. Cover for accidental damage
- 2. Cover third-party liability
- 3. Ease in the claim settlement process
- 4. Own damage cover
- 5. Personal accident cover for owner/driver
- 6. Towing facility for disabled vehicles
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Q2. Can I buy SBI commercial vehicle insurance online?
Ans: Yes, you can buy SBI commercial vehicle insurance online on the official website of SBI General Insurance Company Limited or insurance broker websites like policybazaar.com. -
Q3. What are the steps for SBI commercial vehicle insurance policy download?
Ans: You can download the SBI commercial vehicle insurance from the office website of SBI General Insurance Company by logging in to the customer portal. You can also check the policy on websites like policybazaar.com.
Secure your commercial vehicle
Renew via self video inspection
Lowest premium starting ₹ 3,211
Standard T&C Apply.
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