SBI Commercial Vehicle Insurance

SBI General Insurance Company is an endeavour between the renowned State Bank of India and Insurance Australia Group (IAG). Headquartered in Mumbai, the State Bank of India is a government-owned corporation.

Catering to the needs of the customers, SBI General Insurance Company offers a wide array of product and services, for instance, health insurance, motor insurance, travel insurance, commercial vehicle insurance and so on suiting the preferences of the customers respectively.

SBI Commercial Vehicle Insurance essentially secures one from any financial liability in case of any loss or damage caused to the commercial vehicle, person or third-party in case of any accident/mishap.

SBI Commercial vehicle Insurance corroborates 3600 protection to the commercial vehicle against any uncertainties. 

Features of SBI Commercial Vehicle Insurance

When the vehicle gives you the income for a livelihood, it is of utmost importance to secure the vehicle from any uncertain mishap. Following are some of the key features offered under SBI commercial vehicle insurance, which are:

  • Comprehensive Cover: This plan essentially provides extensive coverage for any loss or damage caused by an insured event. Besides, this policy also offers protection against any third-party liability. It is recommended to buy comprehensive commercial vehicle insurance.
  • Third-party Liability Cover: In India, a third-party liability cover is a legal mandate. This cover essentially provides compensation for any claim arising from a third-party in case of any injury or death because of the insured vehicle in the event of any unforeseen mishap.
  • Own Damage Cover: If under any unfortunate circumstances, which includes self-ignition, robbery, housebreaking, riot, strike, flood, earthquake, any accident due to external means, terrorist activity, landslide, in transit by rail, road, air, and so on leading to the damage or loss either to the insured vehicle or its accessories will be covered under the plan.
  • Personal Accident Cover for Driver or Owner: Compensation will be provided to the driver or the owner of the vehicle depending upon the nature of the injury sustained. In the below grid, the scale of compensation, which will be provided to owner-driver:

 

Injury

Compensation

In case of demise

100%

Under the loss of two limbs or both the eyesight or one limb and one eyesight

100%

Loss of one limb or one eyesight

50%

Permanent disablement from injuries apart from the above-mentioned

100%

  • Towing Disabled Vehicles: A cover will be provided when the insured vehicle is used to tow any mechanically disabled propelled vehicle. Under such a circumstance, in terms of liability concerning the towed vehicle, the indemnity is payable.
  • Insured Declared Value: This is fixed at the beginning of each policy period. It is generally fixed on the premise of the selling price listed by the manufacturer concerning the brand and model of the vehicle either during the beginning of the policy period or during the renewal. In the below grid, find the schedule of depreciation for fixing the insured declared value of the vehicle:

Age of the Vehicle

Percentage of Depreciation

Not surpassing 6 months

5%

Surpassing 6 months but not surpassing 1 year

15%

Surpassing 1 year but not surpassing 2 years

20%

Surpassing 2 years but not surpassing 3 years

30%

Surpassing 3 years but not surpassing 4 years

40%

Surpassing 4 years but not surpassing 5 years

50%

Note: Vehicle models, which are past 5 years, are treated as out of date models.

  • Easy Claim Settlement Process: A quick and convenient fast settlement promptly with reliable customer care support.

Additional Coverage Offered By SBI Commercial Vehicle Insurance

SBI commercial vehicle insurance policy offers some extra covers. One needs to pay the additional premium and take the maximum benefit:

  • No Claim Bonus Cover: It is to be noted that once a claim is made the No Claim Bonus for the commercial vehicle does get affected. However, having this cover will ensure the existing NCB of the policy can be retained at the time of renewing the policy. Moreover, this is only applicable only for a single claim within the policy period.
  • Key Replacement Cover: If in any case, the keys of the vehicle are stolen or are lost then under such a situation coverage will be provided towards the cost incurred of the replaced keys as mentioned in the policy schedule.
  • Cover for Loss of Personal Belongings: If in case, the baggage is lost or damaged when kept in the insured commercial vehicle then having this cover will help one to receive an amount specified in the policy schedule.
  • Return to Invoice: In case if one loses the vehicle, and falls under either total loss or constructive total loss or total theft, then under such a condition depending on the availability of the same model one will receive the shortfall amount.
  • Bi-fuel Kit: Having this add-on cover will secure the CNG-LPG bi-fuel kit.
  • Additional Legal Liabilities: In case of any legal liabilities, wherein the driver employed to drive the vehicle and employees either travelling or driving the vehicle apart from the paid driver will be covered.
  • Depreciation Reimbursement: In case of any loss or damage to the insured commercial vehicle, this cover will settle the claim without any subtraction for depreciation upon the value of the parts replaced.

Exclusions under SBI Commercial Vehicle Insurance

The following are the exclusions under the SBI commercial vehicle insurance, which are:

  • Wear and Tear: If any loss/damage occurs, to the insured vehicle or its accessories due to general ageing or normal wear and tear of the commercial vehicle.
  • Consequential Loss: If any damage occurs to the commercial vehicle out of a particular action either by the policyholder or third-party, which is not covered under the policy schedule.
  • Breakdown of the Vehicle: When any loss or damage occurs due to the electrical or mechanical breakdown of the insured commercial vehicle.
  • Out of Policy Vehicle Usage: If any loss/damage occurs to the insured commercial vehicle when the vehicle is used for some private affair and is not mentioned in the policy schedule.
  • Unauthorized Driving: If any damage is caused to or by a person who is driving the vehicle and does not hold the legal driving permit of India.
  • Illegal Driving: If any damage is caused to or by a person driving the vehicle under the influence of alcohol or substance/drugs.
  • Civil/Nuclear Perils: If any loss/damage occurs in perilous situations like nuclear war, nuclear risk, civil war or mutiny.

Claim Process for SBI Commercial Vehicle Insurance

In the case of making a claim, one needs to do the following:

  • Contact the support team of the company at the toll-free number and accordingly lodge the claim.
  • Thereafter, a claim reference number will be given and the executive will explain the process.
  • Download the’i-claim’ form and fill the form giving correct information and submit the form by mail on the email address: claims@sbigeneral[dot]
  • One may also download the claim form and submit the same along with the following documents:
  1. Self-attested copy of registration certificate.
  2. Self-attested copy of the driving license of the driver during the accident.
  3. In case of third-party injury/damage, attested copy of first information report.
  4. In case of any loss or damage, relevant information of the third-party.
  • To examine the loss of the insured vehicle, a surveyor is appointed who inspects the equivalent as per the details were given. Once the surveyor is done with the inspection process, the surveyor informs about the same to the insured and status of the claim.
  • During the process of repair, the surveyor will actively examine the work at every stage.
  • It is to be noted that irrespective of the intensity of the damage caused to the vehicle, do not fail to inform the insurance provider about the accident/mishap occurred. Besides, in case of any damage/loss caused to the third-party in an accident, a copy of FIR needs to be furnished with other relevant claim documents.
  • Remember, claims can be filed even after the renewal or expiry of a policy only if the incident occurred during the policy period. Any claim arising outside the period of policy will not be accepted.

Renewal Process for SBI Commercial Vehicle Insurance

One can renew the plan online by providing specific details.

One needs to visit the official website > Plans for Individuals> Buy / Renew Online option, these can be done.

SBI Commercial Vehicle Insurance FAQs

Written By: PolicyBazaar - Updated: 26 March 2020

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