SBI Bike Insurance

SBI bike insurance is a two-wheeler insurance policy offering financial coverage to all two-wheeler owners against several unforeseen risks, including accidents & thefts. The policy provides various in-built covers as well as add-on covers to give your vehicle a sense of protection against several mishaps that may occur while it is on the roads.

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SBI Bike Insurance Policy - Key Features

Categories Key Features
Two-Wheeler Network Garages 7100+
Claim Settlement Ratio (CSR) 94%
Customer Assistance Available 24x7
Personal Accident (PA) Cover Up to ₹ 15 Lakh

*Disclaimer: The above table is for reference purposes only. Refer to policy wordings provided by the SBI General Insurance Company Limited to understand the exact coverage.

Why Choose SBI Bike Insurance Policy?

Here are the top reasons why one should choose an SBI bike insurance policy to cover their bike insurance policy:

  • Buy and renew bike insurance online hassle-free.
  • Repair your vehicle from a network of garages across the country without the hassle of paying an upfront cost.
  • Enjoy a fast, fair, and transparent claim settlement process without worrying about the finances.
  • A range of add-ons is available to enhance the policy coverage at an affordable premium rate.

Types of SBI Bike Insurance Policy

SBI General Insurance Co. Ltd. is one of the leading general insurance companies in India. It offers three types of bike insurance policies to its customers. By providing innovative and accessible bike insurance solutions, the company fulfils the needs of different individuals.

Here are the three types of coverage provided by the company:

  1. Two-Wheeler Insurance Package Policy

    A two-wheeler insurance package policy is a comprehensive bike insurance policy that offers coverage against several risks, along with compulsory coverage and various in-built add-ons.

    Two-Wheeler Insurance Package Policy Coverage

    This policy provides coverage for the following instances in a single policy:

    • Third-Party Liability Cover
    • Own-Damage Cover
    • Personal Accident (PA) Cover
    • Return-to-Invoice Cover
    • NCB Protection Cover
  2. Bundled Two-Wheeler Insurance Policy

    A bundled two-wheeler insurance policy is a type of bike insurance policy that caters to the new two-wheelers only. All new bike owners in India should purchase this bundled policy. It combines 5-year third-party insurance coverage and 1-year own-damage insurance coverage.

  3. Two-Wheeler Liability Policy

    A two-wheeler liability policy covers only the damages caused to the third party by the insured two-wheeler in a road accident. This policy is commonly known as a third-party bike policy and is mandated by the Motor Vehicle Act of India.

SBI Bike Insurance Policy Coverage

  • Inclusions
  • Exclusions

Any loss or damage caused to the insured vehicle will be covered due to the following instances:

  • ✅Covers the compulsory third-party liabilities, including injury/death of the third party person and third-party property damages by the insured vehicle.
  • ✅Covers the damage/loss to the insured bike due to fire, explosions, and self-ignition.
  • ✅Covers the damage caused to the own vehicle in an accident.
  • ✅Covers the damage in a transit by the road, railway, inland waterway, lift, airways, or elevators.
  • ✅Covers the damage caused due to natural disasters, such as earthquakes, hurricanes, lightning, floods, typhoons, tempests, cyclones, storms, landslides, etc.
  • ✅Covers the damage caused due to theft, burglary, strike, malicious activities, and terrorist activities.
  • ✅It provides compulsory PA (Personal Accident) coverage to an individual who holds a valid driver's license for the two-wheeler while riding.

Any loss or damage caused to the insured two-wheeler or its accessories will not be covered if the following reasons cause it:

  • ❌Normal wear, tear, or ageing of the bike.
  • ❌Any consequential loss caused to the bike.
  • ❌Mechanical/ electrical breakdown causing damage to the bike.
  • ❌Damage sustained in the insured bike when being driven other than the conditions/regulations determined in the policy wording.
  • ❌Damage while driving the vehicle without a valid driving license.
  • ❌Damage while driving the vehicle under the influence of liquor or drugs.
  • ❌Damage to the insured bike due to war, mutiny or nuclear risk.

*Disclaimer: The above-mentioned inclusions and exclusions of the SBI General bike insurance policy are for reference purposes only. Kindly refer to the policy wordings to know the exact coverage.

Depreciation Rates for Different Parts of a Bike

Here is a list of depreciation rates applicable to various bike components:

  • For nylon/rubber/plastic parts (e.g., tyres, tubes, batteries, airbags): 50% depreciation applicable
  • For fiberglass components: 30% depreciation applicable
  • For Glass Parts: No depreciation applicable
  • For Paint Material: 50% depreciation applicable

Depreciation Based on the Age of the Bike

The depreciation rate for your bike is also influenced by its age, which is highlighted in the below table:

Age of the Two-Wheeler Depreciation Applicable (in %)
Less than 6 months old No depreciation (0%)
6 months to 1 year 5%
1 year to 2 years 10%
2 years to 3 years 15%
3 years to 4 years 25%
4 years to 5 years 35%
5 years to 10 years 40%
More than 10 years old 50%

*Disclaimer: The above rates are for reference. For detailed terms and conditions, check the policy wording.

Personal Accident (PA) Coverage for Bike Owners

SBI General Insurance Co. Ltd. offers a Personal Accident (PA) cover of ₹15 lakh for the bike owner in case of bodily injury or death due to an accident. The compensation scale is as follows:

Categories Compensation (in %)
Accidental Death 100%
Loss of two limbs or eyesight, or one limb and one eyesight 100%
Permanent Total Disability (PTD) due to specified injuries 100%
Loss of one limb or one eyesight 50%

Important Points to Consider Under Personal Accident (PA) Cover

The PA cover compensates for injuries or death caused by accidents but does not cover self-harm, self-inflicted injuries, suicide, or intentional harm. Additionally, claims related to injuries caused by alcohol or drug consumption are excluded.

How to Buy/Renew SBI Bike Insurance?

Buying/renewing SBI bike insurance online from Policybazaar Insurance Brokers Private Limited is a hassle-free process explained below:

  • Step 1: Go to Policybazaar.com, navigate to 'Insurance Products,' and click on the 'Bike Insurance' button.
  • Step 2: Enter your bike number and click on 'View Prices'. If you do not have any bike number, click on 'Bought a New Bike'.
  • Step 3: Select the information about your two-wheeler, such as the city & RTO, manufacturer, model & variant, and registration year. Click on 'View Plans'.
  • Step 4: Select the SBI bike insurance plan offered by the company.
  • Step 5: Select between third-party or comprehensive coverage.
  • Step 6: Choose additional covers like zero depreciation, roadside assistance cover, etc.
  • Step 7: Pay through UPI, net banking, or credit/debit card, and the e-bike insurance policy will be sent to your registered email address.

How to File an SBI Bike Insurance Claim?

To successfully file a claim with SBI, follow the relevant procedures based on the type of claim:

  1. For Theft Claim

    Follow the below guide step-by-step to raise a theft claim:

    • Report the theft at your local police station and obtain an FIR.
    • Submit the FIR to the insurer.
    • A surveyor will be appointed to assess the situation.
    • Notify your RTO about the theft.
    • Keep necessary documents ready for claim processing.
    • If your bike is untraceable for over a month, a police untraceable report will facilitate the settlement.
  2. Accident Claim

    Follow the below guide step-by-step to raise an accident claim:

    • Inform the insurance provider and complete the claim form available on their website.
    • A surveyor will visit the incident site to inspect the damage.
    • Provide all required documents for claim processing.
    • Get your vehicle repaired at a network garage for cashless settlement, and the insurance company will settle the bills. For reimbursement settlement, repair it anywhere and pay the bills on your own. Later, the insurer will reimburse the bill amount.
  3. Third-Party Claim

    Follow the below guide step-by-step to raise a third-party claim:

    • Notify the insurance provider about the accident.
    • Submit the court summons to the insurance provider.
    • Fill out and sign the claim form.
    • Provide all required documentation.
    • The Tribunal court will adjudicate the case.

Documents Required for Raising SBI Bike Insurance Claims

Below is a list of scenarios that require different sets of documents to raise bike insurance claims:

  1. For Theft Claims

    Here is the list of documents required for raising a theft claim:

    • Signed claim form
    • RC of the vehicle with all original keys
    • Driving License
    • Bike insurance policy
    • Police FIR
    • Police untraceable report.
  2. For Accident Claims

    Here is the list of documents required for raising an accidental claim:

    • Signed claim form
    • Valid registration certificate for the bike
    • Copy of the owner's driving license
    • First 2 pages of the SBI bike insurance policy
    • FIR or Motor Collision Report (MCR)
    • Original repair estimate
    • Repair invoice and payment receipt (or just the invoice if using a preferred workshop).
  3. For Third-Party Claims

    Here is a list of documents required for raising third-party claims

    • Signed claim form
    • Police FIR
    • Driving license
    • Original bike insurance policy
    • Vehicle registration certificate
    • Stamp for company-registered vehicle documents.

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SBI Two-Wheeler Insurance – FAQs

  • Q. How can I check my SBI insurance online?

    Ans: You can either visit the official website of SBI General Insurance Company Limited to learn about your policy status or go to Policybazaar.com and sign in to your account using your registered mobile number, OTP, or WhatsApp to get all the policy details.
  • Q. How to claim SBI General insurance two-wheeler?

    Ans: You can contact the claim assistance team or your relationship manager at Policybazaar.com at 1800-258-5881 to raise claims without any hassles.
  • Q. What is bike policy number?

    Ans: The bike policy number is a unique alphanumeric code the insurance company gives to identify a particular policy and its coverage.
  • Q. Who is eligible for SBI General bike insurance?

    Ans: Anyone who owns a two-wheeler can buy an SBI General bike insurance policy
  • Q. Who is SBI General Insurance tied up with?

    Ans: SBI General Insurance Co. Ltd. is a joint venture between the State Bank of India (SBI) and the Insurance Australia Group (IAG).
Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Average Rating
(Based on 42 Reviews)

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SBI Bike Insurance Reviews & Ratings

4.8 / 5 (Based on 42 Reviews)
(Showing Newest 10 reviews)
Amrutanshi
Guwahati, October 09, 2021
Easy to buy
Insuring the bike is quite easy. Policybazaar provides the easiest process to buy any kind of policies. customers can easily compare different plans on one platform and calculate the exact premium rate with the help of premium calculator. I went through the same process and it was really easy.
P
Madurai, October 09, 2021
Supportive team
I never bought policy before this. i have taken the sbi general two wheeler insurance from policybazaar. i bought my plan with help of policybazaar team . they guided me and explained every single step of procedure to me. Their team always gives the best suggestions to their customers.
Prakhar
Raipur, October 09, 2021
High coverage
In my sbi general two wheeler insurance, i have got coverage against unplanned incidents. i have got coverage not only for the insured vehicle but also for the personal accident of the driver/owner. i have added pillion rider feature by paying an additional amount.
Akshat
Chandigarh, October 09, 2021
Affordable plan
After searching affordable plan for bike on Google i found the website of Policybazaar. in my sbi general bike plan i have got coverage against damages or losses to the insured bike due to accident. i have got little discount on the premium rate.
Rimzhim
Kota, October 09, 2021
Easy to buy
It is way convenient to check the plans on the website of Policybazaar. The interface of the website is user friendly and all the information regarding each policy is given on the website. Even I bought sbi general bike plan online from here.
Ritika
Vasai Virar, August 18, 2021
Easy to compare
I got a great package of SBI Two wheeler policy from policy bazaar website.i just bought a bike 2 months ago. one of my friend suggested me to insure my bike. after comparing so many plans i took right one according to my pocket.
Harbhajan
Balia, June 04, 2021
Affordable two wheeler plan
I took the SBI general two wheeler insurance plan from the website of the Policybazaar. It is very much affordable and easy to buy online. I can even customized my plan as per my requirements. I am thankful to policybazaar for giving such good plans.
Surendra
Basti, June 04, 2021
Roadside assistance cover
In my SBI general insurance plan, which I took 3 years back I had taken the cover of roadside assistance. The plan is naturally very good and I am happy with the services of the team. Even I have suggested many of my friends to buy this plan.
Vishwas
Gorakhpur, June 04, 2021
Good coverage
The coverage amount of my two wheeler insurance plan is much better and good. I kept it high so that in case I faced any emergency then it can be used easily and I wont face burden.
Shravan
Odagoan, February 15, 2021
Liability Cover
I bought third-party liability cover for my bike. They called me to check if I bought the right policy or want to upgrade the plan. They always help me suggest policies with maximum coverage as per my pocket.

^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between 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.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#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.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial).The list of insurers mentioned are arranged according to the alphabetical order of the names of insurers respectively.Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in