SBI Car Insurance Complete Details
SBI Car insurance offers comprehensive insurance coverage for the insured vehicle. The policy works in accordance with the Motor Vehicles Act, 1988 by offering third party coverage as well. The policy comes in handy in covering any loss or damages sustained by the insured four wheeler
SBI Car Insurance is a popular product offered by SBI General Insurance Co. Ltd., which was established as a joint venture between SBI, i.e., State Bank of India, and Insurance Australia Group in 2010. Since then, it has been offering motor insurance products customized according to various customers’ needs.
What is SBI Car Insurance?
SBI General Car insurance is an insurance policy that aims to provide motor vehicle insurance coverage for cars. Any car owner can avail of four wheeler insurance to obtain cover for him, i.e., the insured party, his car, i.e., the insured vehicle, and even third parties, which cover other people and their vehicles.
Car Insurance can be purchased for both new as well as pre-owned cars. It covers all liabilities in case of theft or an accident and damages caused by the insured person. The court settlement decides the amount payable towards the third party.
SBI General Car Insurance provides its customers with comprehensive coverage with third party property coverage up to 7.5 lakh, personal accident cover up to Rs 15 lakh for the owner driver and Rs 2 lakh for the occupants. It also comes with various add-on covers such as Zero Depreciation, NCB Protector, Return to Invoice, Key Replacement etc.
Why Choose SBI Car Insurance?
SBI Insurance is among the top 4 car insurance providers in the country and is recognized in the market for its reliable service and credibility. The company offers a host of customized plans according to the needs of customers. Here is a look at the reasons why one should choose SBI General Car Insurance:
- A wide variety of personalized plans with profile-based pricing.
- Feature-rich add-on options like Nil Depreciation, Return to invoice, etc.
- SBI insurance is available in the country’s remotest areas, with over 22000+ branches in 125 locations with 8000 agents.
- It is one of the oldest companies in the market and is trusted by the masses.
- It has a massive customer base of more than 6.8 cr. customers.
- Provides direct settlement of cashless claims at network garages
- Add-on facilities like roadside assistance and vehicle towing provided
SBI Car Insurance Features
SBI General Car Insurance offers a wide range of personalized car insurance plans that provide complete protection to the vehicle. Here are some of the features of this car insurance policy.
- Comprehensive Coverage– SBI Car Insurance provides extensive coverage so that the policyholder has coverage for both third-party liability and the insured vehicle coverage. The policy covers a vehicle against the following:
- Natural Calamities like fire, floods, earthquakes, cyclones, etc.
- Man-made Calamities like fire, theft, terrorist activity etc.
- External accidents or machine failures
- In-Transit vehicle damage on the road, rails, airways, etc.
- Third-Party Liability Cover– This cover compensates for any loss to property or injury or death of any third-party in the accident. This is a compulsory coverage as declared mandatory by the Motor Vehicles Act of India.
- Personal Accident Cover– The policy offers a personal accident cover up to Rs 15 lakh for the vehicle owner while driving, provided, he/she should have a valid driving license. Any other passengers on the vehicle, other than the owner-driver, can also seek coverage up to Rs 2 lakh, provided they are individually insured.
- Additional Legal Liabilities Cover – This Car Insurance policy also offers an extra cover for any legal liabilities arising towards the driver or passengers.
- No Claim Bonus: Under SBI Vehicle insurance, if the insured doesn’t make any claims, he/she can avail renewal benefits in the form of No Claim Bonus. The NCB or the No-claim bonus is a cumulative bonus that adds on with each claim-free year.
- Vast Network: SBI General Car Insurance has an extensive network of 16000+ certified garages all over the country. They provide cashless services to the policyholder in case of any inconvenience on the road.
- Available Savings– The policy also provides various savings options to applicants in the 36 -60 years age group.
Benefits of SBI Car Insurance
This SBI Motor Insurance policy provides a host of benefits to its owners. They are as follows:
- Special Premium Savings: SBI General Car Insurance offers ample savings for its policyholders under various categories like vehicles specially designed for blind or disabled people, vintage cars, or for installing anti-theft alarms etc.
- Satisfactory Incurred Claim Ratio: Incurred Claim Ratio is a term used to define the settled claims ratio against the premiums received. As per IRDAI records, SBI General Car Insurance has an incurred claim ratio of 52.9% and Claim Settlement Ratio or CSR of 50.12%.
- No-Claim Bonus – With each SBI Motor Insurance Policy, you get an NCB for every claim-free policy tenure. You can also claim this bonus upon plan renewal within 90 days of the date of the expiry of the policy. This bonus can be as high as 50% of premiums due.
- Portability- SBI Motor Insurance provides the facility of transferring the policy from another insurance company to SBI General Insurance Co. Ltd. without any hassle. This transfer does not impact the No- Claim Bonus benefits.
- Deductibles- The motor vehicle insurance policy provides the provision of voluntary deductibles along with compulsory deductibles so that if the policyholder opts to pay for some amount of the payable claim, he/she can avail of certain premium savings.
- Guidance and Assistance – The Company provides motor assistance during on-road emergencies, and even repairs and replacement guidance. Besides these, the company provides a transparent claim process with regular claim status updates.
*All savings are provided by the insurer as per the IRDAI approved Insurance plan. Standard T&C apply
Types of SBI Car Insurance Policies
There are two types of SBI Vehicle Insurance plans provided by SBI. They are:
- SBI General Private Car Insurance – This insurance plan offers coverage for any accidental vehicle loss or damage, third-party cover for liability, and even a cover for personal accidents. Policyholders can also avail of extra add-on covers, like Return to Invoice, No Claim Bonus, Depreciation Reimbursement, Engine Guard covers and, also covered for any roadside assistance.
- Motor Act Only Private Car (Long Term) Insurance – This version of the policy offers secure coverage through a 3-year liability cover for any third-party, Personal accident Individual cover for drivers and passengers, and cover for drivers for any legal liabilities. There is also no need to renew the policy every year, and an additional Biofuel (CNG or LPG) kit cover and Consumables Cover is also provided. The policy also includes PA cover of Rs 15 lakh for the owner driver and Rs 1 lakh for the passengers.
Besides, there are various add-on covers.
SBI Car Insurance: Eligibility
For any SBI Vehicle insurance policy purchase, whether for a new car or an old one, the person should be an Indian citizen and be 18 years and above. He/she should have a valid driving license and RC of the car. This rule holds good for any plan or add-on policy.
SBI Car Insurance: Scope of Coverage
|SBI Private Car Insurance Policy
|Accidental cover for owner and passengers, third party liability, accidental car damage, along with below-listed add-ons
|Motor Act Only Insurance Policy(Long Term)
|Accidental cover for owner and passengers, third party liability, accidental car damage for 3 years, along with below-listed add-ons, plus Consumables cover and BioFuel Kit cover.
|Additional Legal Liability Cover
|Cover for any legal liabilities on a/c of a car accident
|BioFuel Kit Cover
|Allowance to buy CNG or LPG kit for your car
|Cover for damaged car consumables, like washers, bearings, engine oil, etc.
|Cover that allows reimbursement of damaged parts in an accident without depreciated value
|Engine Guard Cover
|Coverage for damage to the car engine and gearbox due to water ingression and oil leakage
|Enhanced Personal Accident Cover
|Reimbursement amount cover for death/injury of insured, driver or passenger
|EMI Protector Cover
|Coverage for EMI payment to the bank if the car is damaged in an accident and is in garage repair
|Hospital Cash Cover
|Coverage for hospital cash in case of hospitalization of the insured due to accident or injury
|Daily cash benefit to the insured up to 10 days if the damaged car is in the garage for 3+ days
|Key Replacement Cover
|Coverage for the cost of vehicle key replacement, only once in policy lifetime
|Coverage for maintaining No claim benefits even in case of claims
|Personal Accident Cover(Owner)
|A benefit to the insured’s family in case of his death/ disability in an accident
|Personal Accident Cover(Passenger)
|Cash benefit to co-passenger who got injured in an accident while travelling in the same vehicle
|Personal Belongings Loss Cover
|Coverage for any lost or stolen items from a locked car
|Roadside Assistance Cover
|● Roadside assistance in case the vehicle becomes immobile
● Available as basic and additional
|Return to Invoice
|Coverage for getting the ex-showroom value (less taxes and registration charges)of the car in case of theft or loss
|Tyre & Rim Guard Cover
|Coverage for tyres, tubes, or rim repair and damage On a/c of accident or damage
SBI Car Insurance: Exclusions
The policy doesn’t offer coverage for the following:
- The policy doesn’t offer coverage for damage or loss due to war, invasion, mutiny, foreign invasion etc.
- If the driver is driving without a valid license, the policy coverage will be withdrawn.
- If the cause of the accident signifies the use of alcohol, drugs or other intoxicating substances, the insurer will not accept the claim.
Claim Process of SBI Car Insurance
SBI General Car Insurance provides both Cashless and Reimbursement Claims facility. The first thing you need to do in case of an accident or theft or any damage to the vehicle is to inform the SBI Motor Insurance authorities. Their official website has a ‘Locate Branch’ option to identify the nearest branch offices. There is also a garage locator option that will give you a list of network garages all over India, where you can avail of the cashless claim settlement facility.
Here are the steps to follow in case of filing a car insurance claim:
- The policyholder can call at the toll-free no of the company, 1800-22-1111, and lodge the claim.
- The person needs to mention his/her policy number and name and contact details, along with the details of the incident and its location.
- The insured can also SMS “CLAIM” to 561612 from his registered mobile number. He can also email the incident information to email@example.com.
- The policyholder will get a CRN or Claim Reference number will be given, and the process will be explained.
- One can also visit the website and submit the claim online.
Claim Filing and Processing
- The policyholder can download the SBI Car insurance online Claims form from the SBI Insurance website and can send as an attachment to firstname.lastname@example.org.
- The Claims Form has to be submitted along with the self-attested copies of the below-listed documents:
- Vehicle Registration Certificate
- Driving License (of the driver at the time of the accident)
- FIR, if a case of damage or injury of the third party, along with details of the incident and damage to the third party.
- SBI Insurance will appoint a Surveyor who will inspect and assess the loss incurred and damage suffered by the insured vehicle.
- Once the surveyor has given approval, the insured person will be informed about the claim status.
- If there has been an accident, the company will pay for any repair work or replacement of any parts and the labour charges.
- The company will also take care of the cost of towing the vehicle from the place of accident to the nearest available garage, as mentioned in the policy.
- If one has opted for cashless claims, one might have to pay for loss towards depreciation or any deductibles as per the policy, along with charges for any repairs done to the vehicle or any replacement done for any damaged vehicle parts.
- In the case of Reimbursement Claims, the insured will be required to pay for repairs at the garage and then submit the original bills to the SBI General local office for reimbursement.
- One can also file claims after the expiry or renewal of a policy if the accident happened within the policy period.
SBI Car Insurance Renewal Process
Any SBI Motor Insurance policyholder needs to renew his/her policy to enjoy uninterrupted motor insurance coverage and benefits. Plan renewal is also necessary for filing claims as any claim for an accident or loss outside the policy period will be rejected. The SBI Car Insurance Renewal process is a straightforward one and can be done without any hassles with official website. The renewal steps are as follows:
- SBI Car Insurance policyholders can renew their plans online by visiting official site, then choose ‘Renew Policy’>Motor. One will need to provide the vehicle registration number, post which it will show a premium quote.
- One can also email at email@example.com or request a call back from the Company to assist him/her with renewal process.
How to buy SBI Car Insurance
SBI Vehicle Insurance has arranged for a convenient and straightforward process to buy their policies. You can compare plans online to get a detailed understanding of various plan features and benefits.
- You can contact the nearest branch office to go and buy the policy personally.
- You can even purchase the SBI Car Insurance online through Official Site.
- Here you’ll need to choose the type of insurance (in this case, Motor) you are looking for on the home page.
- Once you enter your car registration number and your personal details, you will be presented with a premium quote. If you agree to it, you can make the payment online using any secure banking methods.
- You can download the SBI Car Insurance online policy document after the successful completion of the payment.
Once you compare plans online and decide to buy the SBI Car insurance policy, you need to submit some documents. Here is a list of such documents that you can either submit in person to the nearest SBI General insurance office or scan and submit copies online.
- Identity Proof-Copy of PAN card or driving license or Passport or Voter’s ID/AADHAAR
- Address Proof- Copy of Driving License or passport or Voter’s Id or utility bills
- Registration certificate or RC of the vehicle
- Driving license of the policyholder
- Vehicle registration
- Invoice for the new car, in case of new car
- Insurance Policy Document and No Claim Certificate, in case of existing car
Q.1 What is meant by a Zero Dep cover?
Ans: Generally, in case of claim settlement of accidental cars, the reimbursement is done after the depreciation deduction of parts of the vehicle. A Zero Dep cover is protection against depreciation, where the insured person arranges for any future claim amount to include the depreciation amount by paying extra. SBI Motor Insurance also provides Zero depreciation or a Nil Dep policy.
Q.2 Does car insurance not cover any specific situations?
Ans: Yes, the insurer provides a list of exclusions as per the policy document, which is not covered by the policy. SBI Motor Insurance will not cover any claim that arises out of the following situations:
- Any loss or damage to the vehicle accessories
- Mechanical or electrical damage
- Normal wear and tear
- The general ageing of the vehicle
- Loss or damage to the vehicle due to war, terrorist activities, or nuclear hazards
- Loss due to drunken driving or driving under drugs
Q.3 Can I cancel my SBI Motor Insurance policy?
Ans: Yes, you can cancel your car insurance policy with SBI Vehicle Insurance without any hassles. You need to inform the insurer and submit your policy papers. If you cancel the policy, the company will reimburse any remaining premium amount after deducting nominal cancellation charges.
Q.4 Does my car insurance premium get affected by any factors?
Ans: The car insurance premium gets influenced by these factors:
- IDV or Insured Declared Value of the car
- City of registration
- Age of the insured person
- Purpose of vehicle, whether personal or commercial
Q.5 Will my car insurance policy become ineffective if I move out of my city?
Ans: No, the car insurance policy remains unaffected by your movement outside your city. You need to inform the insurance company about the change of address and update the new address online or in writing at the nearest insurance centre. The subsequent policy premiums will be calculated as per the new city of residence of the insured person.
Q.6 What is the IDV of a vehicle in my SBI Vehicle Insurance policy?
Ans: The IDV is the Insured Declared Value in Insurance terms. It means it is the maximum assured sum that has been specified by the insurance company, which will be provided in case of theft or total loss of the vehicle. In simple terms, this value stands for the current market value of the car. IDV is the compensation that the insurer will provide to the insured person in the event of the vehicle’s total loss.